Gold prices are set for a significant weekly decline, the worst in six months, as the strengthening US dollar and positive sentiment from a de-escalation in US-China trade tensions impact the market. Spot gold prices fell by 0.8%, totaling a 3.3% loss for the week. Despite a year-to-date gain of 22%, easing geopolitical uncertainties have led traders to reduce gold investments. However, analysts indicate that gold still has strong structural support, with dips attracting buyers in an uncertain economic environment.
"Gold prices faced heavy selling pressure this week as markets cheered a de-escalation in the US-China trade war," said Ilya Spivak, head of global macro at Tastylive.
"On the plus side, gold price dips continue to attract buyers," noted Tim Waterer, chief market analyst at KCM. "That shows the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky."
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