Gold Slips as Markets Await U.S. Inflation Data and Tariff Fallout

​Gold prices fell Friday, putting bullion on track for a nearly 2% weekly loss, as traders waited for critical U.S. economic data that could reveal how President Trump’s global tariffs are impacting inflation and consumer behavior.

Spot gold dropped 0.8% intraday, and was last trading around $3,300 an ounce in Singapore. The decline was partly driven by technical resistance—analysts noted gold twice failed to break above $3,328, triggering a pullback just ahead of the Federal Reserve’s core PCE inflation release.

Markets are closely watching the PCE index for signs that tariffs are beginning to filter into consumer prices and wage growth. Though most economists expect the bigger impact to show up in May’s data, Friday’s release still carries weight.

Despite the dip, gold’s safe-haven appeal hasn’t disappeared. Uncertainty remains elevated after a federal appeals court granted Trump a temporary reprieve on his blocked tariffs, and tensions with China escalated again. The White House announced plans to revoke Chinese student visas and limit sales of chip design software—moves that drew sharp criticism from Beijing.

Goldman Sachs reiterated this week that gold will remain a long-term hedge against inflation, alongside oil, especially amid ongoing geopolitical and fiscal volatility.

Bottom line: Gold is down, but not out. With tariff drama heating up and inflation concerns looming, traders are playing defense—but the metal’s long-term bullish case remains solid.






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