Gold eased to $2,920 an ounce on Friday, after hitting a record-high of $2,939.99 earlier in the session, as markets assessed global demand for safety and the Fed’s monetary policy outlook.
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US President Donald Trump said the US would mediate a ceasefire with Moscow over Russia’s war with Ukraine, raising hopes that the conflict could end in the near future, supporting risk assets in Europe.
On the other hand, the looming threat of a trade war between the US and major trading partners supported precious metals after President Trump ordered the Commerce Department to raise tariffs and remove barriers needed to balance flows.
Also, the possibility of a rate cut by the Fed this year increased after retail aggregates contracted more than expected during January.
