Gold ends the first week in the red since the beginning of the month

On Friday, gold prices continued to decline and could end the week with losses for the first time since the beginning of the month. Quotations of August gold futures on the Comex stock exchange fell by 1.3% and amounted to $3,356 per troy ounce. Over the past five sessions, the value of the precious metal has decreased by about 2.2%.

Some easing of geopolitical tensions in the Middle East has reduced demand for defensive assets. In particular, US President Donald Trump announced his intention to make a decision on Washington's possible participation in military operations against Iran in the next two weeks. Earlier, the media reported on a possible US attack on Iran this weekend.

An additional negative factor was the words of Federal Reserve Chairman Jerome Powell about the risks of inflation associated with Trump's policy on import duties.

At the same time, the opinions of experts from leading Wall Street banks on the future dynamics of gold prices vary. Goldman Sachs analysts predict an increase in quotations to $4 thousand per ounce by next year, while Citi expects a drop below $3 thousand by the end of 2026.