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Gold prices rose 0.3% to $2,918.65 an ounce on Friday, heading toward its best weekly performance in six months with gains exceeding 2% since Monday.
Three main factors are driving this rally: concerns about President Trump’s unpredictable tariff policies, the U.S. dollar’s worst weekly slide since November (which makes gold more affordable for international buyers), and weak economic data, particularly slowing private payroll growth.
Investors are now focused on Friday’s crucial U.S. jobs report and Fed Chair Powell’s upcoming economic speech. Although the Federal Reserve has kept interest rates unchanged after cutting them three times last year, markets expect rate cuts to begin in June, despite Fed official Christopher Waller’s opposition to reductions at the March meeting.
