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Gold Slips on Tariff Turmoil, Profit-Taking Despite Soft PCE – Focus Shifts to U.S. Jobs Data

Spot gold fell on Friday after softer US PCE data brought inflation closer to the Fed’s 2% target.

Despite easing inflation, market sentiment stayed cautious amid renewed trade tensions and legal battles over Trump’s tariffs—initially ruled illegal, then reinstated by an appeals court.

Trump’s accusations against China and his “TACO” (Trump Always Chickens Out) tariff indecision added volatility but limited conviction.

Spot gold, which reached record highs in May, remains pressured by profit-taking and a mixed US dollar, but is supported by upbeat GDP data and the Fed’s signals of no near-term rate cuts.

Although the market has shown a bullish response, technically, spot gold continues to reflect weak momentum.

That said, the broader price structure remains supportive, underpinned by ongoing geopolitical tensions and US fiscal risks, with the topside call moving to $3,332–$ 3,336 and the broader call looking for a retest of the all-time high near $3,500, prompting another reassessment.

Any weakness is seen temporarily.

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