Spot Gold held in proximity to the $3,300 mark on Friday and looked set to register a weekly loss with US PCE inflation figures now in sight.
Yesterday the yellow metal rebounded from a 1-week low of $3,245.56, after a federal appeals court allowed the Trump administration’s sweeping tariffs to temporarily remain in effect.
A day earlier, the US Court of International Trade ruled that President Trump was not authorized to apply sweeping tariffs using the International Emergency Economic Powers Act (IEEPA) without congressional approval. The court determined that Trump’s attempts to address trade imbalances through this legal channel were not justified.
On the monetary policy front, San Francisco Fed President Mary Daly said on Thursday that the central bank could still deliver two interest rate cuts by year-end.
Daly noted that borrowing costs should remain stable for the time being to ensure inflation is on course to reach the central bank’s 2% target.
Market players were now expecting the key US PCE inflation data for more guidance on the Federal Reserve’s policy trajectory.
Spot Gold was last down 0.69% on the day to trade at $3,294.66 per troy ounce.
The precious metal has lost 1.90% so far this week.
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