Lagos —

On Friday, gold prices saw a minor uptick, yet they might find stability as market participants wait for the results of this weekend’s trade discussions between the United States and China. Even though there are optimistic expectations, ongoing uncertainties may bolster the appeal of safe havens. The recent declaration of a US-UK trade deal has somewhat alleviated worries about worldwide trade frictions; however, all eyes will still be on the talks happening between Washington and Beijing.

Ongoing geopolitical tensions are continuing to bolster the value of precious metals. These pressures may persist in regions such as Eastern Europe, the Middle East, and along the India-Pakistan frontier, thereby maintaining the metal’s status as a sought-after haven asset.

Nevertheless, this positive trend might encounter obstacles due to Federal Reserve Chairman Jerome Powell’s recent remarks, which underscored the central bank’s prudent approach towards monetary policy.

In the days to come, investors’ focus will shift towards next week’s U.S. inflation figures, encompassing both the Consumer Price Index (CPI) and the Producer Price Index (PPI), along with updates on trade matters.

*Christopher Tahir – Senior Market Analyst at Exness