Gold fell on Friday, putting it on course for its first weekly loss in nine as the U.S. dollar strengthened and the market awaited an inflation print later in the day that could provide clarity on the Federal Reserve’s policy path.
Spot gold fell 1% to $2,845.57 U.S. an ounce. Bullion lost 2.5% for the week, its steepest weekly fall since November. U.S. gold futures lost about 1% to $2,864.50.
Technology shares were dragged down by a sell-off in AI darling Nvidia and other “Magnificent Seven” Wall Street mega-cap stocks after the chipmaker’s earnings report.
Despite a potential weekly loss, safe-haven gold was poised to log a second straight monthly gain in February, propelled by nine record highs this month.
U.S. President Donald Trump said on Thursday his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4, with an extra 10% duty on Chinese imports.
