Gold Prices Retreat Amid Strong Dollar, Set for Weekly Gains

Gold prices retreated after reaching record highs earlier in the week, primarily due to profit-taking by investors and a strengthening US dollar. Despite the pullback, gold is set to achieve its third consecutive weekly gain, buoyed by ongoing geopolitical tensions and uncertainty surrounding President Trump's tariffs. Analysts indicate that the recent surge in gold prices, which peaked at $3,057.21 per ounce, reflects its status as a safe-haven asset amidst economic volatility. Federal Reserve officials have signaled they are in no rush to cut interest rates, but projections suggest potential reductions later in the year, contributing to gold's appeal. Market sentiment remains cautious as traders monitor geopolitical developments, particularly in Gaza, which could further impact gold demand. Overall, gold continues to be favored by investors seeking security in uncertain times.