Gold prices ended the week on a strong note, maintaining a bid tone near their record highs, as the US Dollar faced intense weakness. The alleviation of concerns surrounding Trump's tariff narrative contributed to the dollar's decline. Meanwhile, the British pound gained additional strength from favorable data in advanced UK Manufacturing and Services PMIs.
The GBP/USD currency pair pushed harder, testing the area of recent two-week highs near 1.2450. This movement coincided with a sell-off in the Greenback. Similarly, EUR/USD maintained its bullish momentum on Friday, trading close to multi-week highs around the 1.0500 mark.
In the United States, the release of preliminary Manufacturing and Services PMIs for the current month presented mixed results. Despite this, market participants speculated about potential interest rate cuts. The Federal Reserve is expected to reduce interest rates by 25 basis points twice this year, while the European Central Bank (ECB) is anticipated to cut rates by 25 basis points four times.
Dogelon Mars (ELON) continued its impressive rally on Friday, with its price surging more than 18% over the week. This performance reflects a broader trend of interest in cryptocurrencies amid fluctuating traditional market conditions.