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Gold prices dropped to a nearly four-week low in Friday’s Asian session, weighed down by fading safe-haven demand as the Israel-Iran ceasefire held firm. Spot gold fell 1% to $3,293.79 an ounce—its lowest since June 2—while August gold futures slid 1.2% to $3,306.70. The yellow metal is poised for a weekly loss of over 2%, marking its second consecutive weekly decline and extending its drop to nearly 6% from April’s all-time high.
The retreat comes amid easing geopolitical risk after a ceasefire brokered by U.S. President Donald Trump appeared stable through Thursday, reducing investor appetite for gold. Focus has now shifted to the upcoming U.S. Personal Consumption Expenditures (PCE) price index—the Federal Reserve’s preferred inflation gauge—for signals on interest rate direction.
Markets anticipate a 0.1% monthly rise in both headline and core PCE readings for May. Year-over-year, headline PCE is expected to rise 2.3%, with core PCE at 2.6%, both higher than the previous year’s figures. Fed Chair Jerome Powell recently cautioned Congress against premature rate cuts, noting persistent inflationary risks, particularly from tariffs. Meanwhile, Trump criticized Powell and may appoint a replacement by September, according to the Wall Street Journal.
In broader metals markets, a stronger U.S. dollar added pressure. The dollar index rose 0.1%, making gold and other commodities more expensive for overseas buyers. Platinum futures dropped 1.3% to $1,392.00 per ounce, retreating from decade-highs but still up 32% for June. Silver futures slipped 0.6% to $36.375, while London copper futures edged down 0.2% to $9,891.15 per ton. U.S. copper futures ticked up slightly to $5.06 per pound.
