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Gold prices fell below $3,200 on Friday, heading towards their worst week in six months, as market sentiment shifted towards riskier assets amid progress in US-China trade negotiations. Spot gold decreased by 1.9% to $3,180.46 per ounce by 10:30 a.m. ET, while US gold futures dropped 1.2% to $3,187.00 an ounce in New York.
The US dollar index is on track for its fourth consecutive weekly gain, influenced by optimistic trade signals and recent developments from US President Donald Trump’s visit to the Middle East. Despite the downward trend, gold remains a top-performing asset this year, having increased nearly 24%. Major banks like JPMorgan and UBS project further price increases, with JPMorgan forecasting gold to reach $4,000 per ounce by Q2 2026.
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