Overview

• Gold prices have dropped to $3,231.84 per ounce, marking a 7% decline from their record high of over $3,500 in mid-April.
• The pullback follows announcements of U.S. auto-tariff reprieves and potential trade agreements, reducing demand for safe-haven assets.
• A strengthening U.S. dollar has further pressured gold, making it more expensive for buyers using other currencies.
• Investors are now focused on upcoming U.S. jobs and inflation data, alongside the Federal Reserve's May meeting, for signals on potential rate cuts.
• Despite recent losses, gold remains over 25% higher this year, supported by central-bank purchases, ETF inflows, and speculative demand in China.