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Gold is pulling back, prices drop

ByVictoria

Gold prices dropped more than 1% on Friday as markets digested the latest tariff developments, while a softer inflation report in the US kept hopes for a rate cut alive.

Spot gold fell back below $3,300 an ounce during the morning session, trading at $3,281.24 for an intraday gain of 1.1% by 10:45 a.m. ET. US gold futures also fell 1.1% to $3,307.40 an ounce in New York.

“Gold, at this point in time, is pulling back off these recent highs and is in a consolidation period,” said David Meger, director of metals trading at High Ridge Futures

“Gold is under slight pressure as we’re seeing a little lesser need for safe haven, but it does look like there is going to be significant pushback from Trump and that will eventually help prices.”

Source – Mining.com

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