FX.co ★ Gold Heads for Third Weekly Advance

Gold's price continued its upward momentum, surpassing $3,350 per ounce on Friday, poised for a third consecutive weekly increase. This rise comes amidst ongoing skepticism regarding a US-China trade agreement, which has bolstered gold's status as a safe haven investment. On Thursday, President Trump indicated that discussions with China are ongoing, challenging Chinese assertions that no such negotiations are underway to resolve the current conflict. Concurrently, US Treasury Secretary Bessent mentioned that significant tariffs between the nations must be reduced for talks to advance. However, he reiterated that President Trump would not independently lower tariffs on Chinese goods. Earlier in the week, gold reached an unprecedented high of $3,500 per ounce due to concerns surrounding the US economy, only to retract slightly after Trump softened his stance on pressuring the Federal Reserve's autonomy. To date, gold has appreciated over 30% this year, and the gold-to-silver ratio has soared to its highest level since 1994, apart from during the pandemic, underscoring gold's substantial outperformance.