Market comments on behalf of Dat Tong Senior Financial Markets Strategist at Exness
Gold traded broadly stable near the USD 5,000 mark on Friday as investors weighed escalating geopolitical risks against upcoming signals around US monetary policy. Tensions between Washington and Tehran intensified after President Donald Trump set a 10–15 day deadline for progress on nuclear negotiations, raising the possibility of renewed confrontation. In Eastern Europe, continued tensions and stalled diplomatic efforts have reinforced a sense of strategic deadlock. This fragile global backdrop sustains gold’s demand, in addition to ongoing central bank accumulation.
Despite this supportive environment, price action could remain contained ahead of the US PCE inflation release. Should the PCE confirm the recent easing trend in inflation, expectations of a more accommodative stance could strengthen, potentially allowing gold to challenge the upper end of its consolidation range. Conversely, sticky inflation, combined with resilient labour market data and the Fed’s cautious tone in recent minutes, could temper rate-cut expectations and limit gold’s upside. Elsewhere, physical demand in Asia remains seasonally subdued due to Lunar New Year holidays, though a return of liquidity from the region may reintroduce volatility into the market.
Zaid Barem / ymm
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