Gold prices rose 0.8% on Friday, climbing to $3,267.56 per ounce as investors engaged in bargain hunting ahead of the U.S. non-farm payrolls report.
Despite the intraday gain, gold finished the week down about 1.5%, marking a second straight weekly decline as momentum weakened.
Improved U.S.-China trade relations have lifted risk appetite among investors, which in turn has dampened demand for gold’s traditional role as a safe-haven asset.
Still, many analysts remain constructive on gold over the longer term. They point to steady central bank purchases, ongoing investment demand, and broader dedollarization trends as structural supports that could bolster prices over time.
Near-term movements will likely hinge on macroeconomic indicators, including upcoming employment data, plus shifts in risk sentiment and monetary policy expectations. These factors can quickly influence whether gold resumes an upward trend or continues to consolidate.