Gold prices extended their decline on Friday as U.S. economic data outperformed expectations and geopolitical tensions eased

Odaily According to reports, influenced by stronger-than-expected U.S. economic data and easing geopolitical tensions in Iran, gold prices extended their decline from the previous trading session on Friday, suppressing bullish momentum. Spot gold is currently down 0.5% at $4,590 per ounce. However, gold prices are still on track for a weekly gain of approximately 2%, having hit a record high of $4,642.72 per ounce on Wednesday. Julius Baer analyst Carsten Menke stated: "The previous rally was strong, but it now appears to be weakening... Recent U.S. economic data has provided some headwinds rather than tailwinds, which is also reflected in the strengthening U.S. dollar." On the geopolitical front, Iranian sources interviewed by foreign media on Wednesday and Thursday indicated that protests appear to have eased since Monday. Meanwhile, gold demand in India remained sluggish this week as prices hit new record highs again, dampening retail purchasing enthusiasm. (Jin10)