$XAU
#Gold drifted back toward the $4,900 per ounce area on Friday after briefly touching a new record near $4,967, as investors paused following an aggressive upside move. Even with the pullback, bullion is still heading for its strongest weekly gain since early 2020.
Underlying support remains firm. Confidence in US assets has softened, geopolitical uncertainty is unresolved, and broader macro risks continue to favor defensive positioning. In Europe, leaders welcomed President Trump’s decision to step away from tariff pressure linked to Greenland, while signaling readiness to respond if similar tactics resurface. Trump stated that the #US had secured long-term access to Greenland via NATO, though the specifics remain unclear, and Denmark reiterated that sovereignty over the territory is not negotiable.
On the monetary side, November’s PCE inflation data broadly met expectations, reinforcing the view that the Federal Reserve is likely to hold rates steady at its upcoming meeting. That backdrop has helped keep gold well supported, even as short-term profit-taking caps further gains.