FX.co ★ Gold Heads for Best Week Since 2020

Gold prices edged lower, nearing the $4,900 per ounce mark on Friday, as investors paused after a notable surge that propelled the precious metal to a record peak of $4,966.93. Notwithstanding this slight decline, gold is poised to achieve its most robust weekly performance since March 2020, buoyed by diminishing confidence in U.S. assets, ongoing geopolitical tensions, and pervasive economic uncertainty. European Union leaders felt reassured following President Trump's retreat from imposing tariffs related to Greenland, although they cautioned they remain poised to respond if similar pressures surface again. President Trump claimed to have secured comprehensive and enduring U.S. access to Greenland via a NATO agreement, although specifics remain vague, and Denmark reaffirmed that its sovereignty over the island is non-negotiable. On the economic front, November's PCE inflation figures, the Federal Reserve's favored metric, aligned closely with expectations, bolstering the view that the Fed will maintain interest rates at their current level in the upcoming meeting next week.