Gold prices slipped during Asian trading on Friday, extending their pullback from recent record highs as a stronger U.S. dollar weighed on the market. Traders increasingly bet that interest rates in the U.S. will remain unchanged in the near term.

Despite the decline, the yellow metal continues to trade above the key $3,000-per-ounce level—surpassed last week—supported by persistent safe-haven demand amid growing uncertainty surrounding the U.S. economy and President Donald Trump’s trade tariffs.

Market Snapshot

• Spot gold fell 0.5% to $3,029.61 per ounce.
• Gold futures for May delivery dipped 0.2% to $3,037.09 per ounce as of 04:57 Moscow time.
• Record high: Spot prices reached an all-time peak of $3,057.51 earlier this week.

Dollar Strength Applies Pressure, but Safe-Haven Demand Persists

The recent pullback in gold has largely been driven by a rebound in the U.S. dollar, which has recovered all its post-Federal Reserve meeting losses from earlier in the week.

The greenback strengthened amid growing expectations that the Fed will keep interest rates steady in the near term, as uncertainty persists around economic growth and the potential impact of Trump’s new tariffs.

Traders appeared to shrug off repeated calls from President Trump urging the Fed to lower rates.

Earlier this week, the Federal Reserve left interest rates unchanged and signaled no imminent changes, citing persistent inflation concerns and the unpredictable effects of Trump’s tariff policies. The central bank also downgraded its growth forecast for 2025 while raising its inflation outlook.

As a result, markets are now betting that the Fed has little incentive to cut rates anytime soon, particularly as it seeks more clarity on economic momentum and the evolving trade landscape.