Gold prices were steady on Friday but remained on track for a weekly decline, as stronger-than-expected U.S. inflation data dampened expectations for interest rate cuts and shifted market attention to the meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
Spot gold was unchanged at $3,336.66 per ounce at 1:40 p.m. EDT (17:40 GMT), down 1.8% for the week, while U.S. gold futures ended almost flat at $3,382.6. The U.S. dollar weakened, making gold and other dollar-priced commodities more affordable for buyers using other currencies. Data released on Thursday showed U.S. producer prices in July rose at the fastest pace in three years. Traders now price in an 89.1% chance of a 25-basis-point Federal Reserve rate cut in September, down from about 95% before the data.
Following the release, non-yielding gold slipped 0.6%. Lukman Otunuga, senior research analyst at FXTM, warned that while prices stabilised on Friday, they could face further pressure depending on the outcome of the Trump–Putin summit in Alaska. Geopolitical uncertainty and lower interest rates typically support demand for gold.
Analysts at ANZ forecast that macroeconomic and geopolitical risks will grow in the second half of the year, bolstering gold’s safe-haven appeal. “The bullish outlook for gold remains, backed by the potential for higher tariffs, a slowing global economy, looser U.S. monetary policy, and sustained dollar weakness,” they said.
In other precious metals, spot silver dipped 0.1% to $37.96 per ounce, down 1% for the week. Platinum slid 1.5% to $1,336.80, and palladium dropped 2.6% to $1,116.52.
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China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
Health authorities are monitoring a widening hantavirus alert after new suspected cases emerged in Spain and on a remote South Atlantic island, days after an outbreak on a cruise ship left three people dead and several others infected.
The U.S military said it carried out retaliatory strikes on Iran on Thursday (7 May). Meanwhile, Iran's Joint Military Command accused the U.S. of breaching the ceasefire, by striking an Iranian oil tanker in the Strait of Hormuz and launching attacks on several Iranian cities.
The U.S. and Iran exchanged fire in and around the Strait of Hormuz, though both sides signalled they did not want escalation. The clashes come as Washington awaits Tehran’s response to a proposed deal to end the war while leaving key disputes, such as Iran’s nuclear programme, unresolved for now.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
Singapore has isolated and is testing two of its residents who travelled aboard a cruise ship linked to a deadly hantavirus outbreak, the Communicable Diseases Agency (CDA) said on Thursday.
Countries worldwide sought to prevent the further spread of the hantavirus on Thursday, after an outbreak on a cruise ship, by tracking those who had disembarked before the virus was detected and anyone who had close contact with them since.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
The United Nations Committee on the Elimination of Racial Discrimination (CERD) has warned that France risks undermining the self-determination rights of the Kanak Indigenous People in New Caledonia amid proposed political and constitutional reforms.
Somalia is facing a severe malnutrition crisis and urgently needs additional humanitarian funding to prevent conditions deteriorating further, the World Food Programme has warned.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
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