Gold holds steady as strong U.S. data lifts dollar, dampens safe haven demand
Gold prices were largely unchanged during Asian trading on Friday, as stronger-than-expected U.S. retail sales data buoyed the dollar and bolstered investor risk appetite, reducing the appeal of traditional safe havens.
The metal was also poised for modest weekly losses, with growing market confidence that the Federal Reserve will maintain its current interest rate stance. Meanwhile, ongoing uncertainty surrounding President Donald Trump’s trade tariffs did little to boost safe haven demand.
Platinum stood out among metals this week, notching notable gains after breaking above a key technical resistance level. Both platinum and silver have significantly outperformed gold in recent months.
Spot gold was steady at $3,339.61 per ounce, while September gold futures were unchanged at $3,344.62 by 01:16 ET (05:16 GMT). For the week, spot gold was down about 0.5%, after two consecutive weeks of modest gains.
Weaker safe haven interest weighed on the yellow metal, as upbeat U.S. corporate earnings and economic data lifted risk sentiment. Retail sales figures for June, which exceeded expectations, further underscored the resilience of the U.S. economy and fueled speculation that the Fed will keep rates steady through July.
This outlook was reinforced by persistent inflation data, helping push the dollar up roughly 0.7% for the week—marking its second straight week of gains.
Across the broader metals space, price movements were mixed amid pressure from the firmer dollar. Spot silver traded at $38.1225 per ounce, down approximately 0.5% for the week.
In industrial metals, benchmark copper futures on the London Metal Exchange edged up 0.3% to $9,706.50 per ton, while COMEX copper futures rose 0.6% to $5.5320 per pound. Both contracts remained range-bound over the week.
Platinum shines as it breaks key resistance, hits 11-year high
Platinum led gains among precious metals this week, maintaining over-decade highs after surpassing the $1,400 per ounce threshold—a move that analysts at ANZ view as a bullish signal.
The white metal traded around $1,465.43 per ounce on Friday, up about 5.5% for the week.
Platinum prices hit their highest level in 11 years, driven by expectations of tightening supply and recovering demand. Along with silver, platinum has dramatically outpaced gold in 2025, as investors shift toward relatively undervalued precious metals.
