Gold prices declined for the third consecutive session, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gold prices drop amid the strength in the USD
"Spot prices dropped below US$3,330/oz on Friday amid the strength in the US dollar and Treasury yields. President Donald Trump downplayed tensions with Federal Reserve Chair Jerome Powell last week, easing concerns over the Fed’s independence."
"Meanwhile, US jobless claims fell for a sixth straight week, the longest streak since 2022. That pushed Treasury yields higher while weighing on non-yielding Gold. The market is anticipating fewer than two rate cuts by the Fed this year, with the first cut expected in October."
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