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Gold set for steepest weekly drop in six months as trade fears ease and dollar strengthens

16 May 2025
in Business
Reading Time: 2 mins read
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Gold set for steepest weekly drop in six months as trade fears ease and dollar strengthens
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Gold prices are on course for their sharpest weekly decline in six months, weighed down by a stronger US dollar and renewed optimism following a de-escalation in US-China trade tensions.

Spot gold slipped 0.8% in early trading on Friday to $3,213.56 per ounce, bringing total losses this week to 3.3% — the worst weekly performance for the precious metal since November 2024.

While gold has still gained 22% year-to-date, largely driven by investor anxiety over President Trump’s fluctuating import tariff policies, easing geopolitical tension has prompted traders to reduce exposure to safe-haven assets. The metal hit a record high above $3,300 an ounce just four weeks ago.

Meanwhile, the US dollar has gained 0.4% this week and is on track for a fourth consecutive weekly gain, supported by resilient economic data and shifting expectations around the Federal Reserve’s interest rate policy.

“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.

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