Gold prices remained stable above $2,900 on Friday as traders anxiously awaited the release of the US Non-Farm Payrolls (NFP) data. The anticipation is driven by recent economic indicators, including estimates that the headline Consumer Price Index (CPI) rose by 0.25% in February, with the core index increasing by 0.27%. Despite strong consumer price inflation in 2025, February saw a slight cooling in price growth. Adding to the economic discourse, President Donald Trump is set to host the first-ever White House Crypto Summit, focusing on regulation as a pivotal theme.
In addition to the pending NFP report, market participants are closely monitoring economic developments in Europe. With a looming deadline of April 2 for implementing reciprocal tariffs, there is concern regarding potential impacts on international trade. On a more optimistic note, a significant rise in government spending coupled with the end of the Russia conflict may enhance global economic prospects. These factors are influencing gold traders, as bets for further interest rate cuts by the Federal Reserve are helping to mitigate losses for XAU/USD.
Meanwhile, in currency markets, GBP/USD traded above 1.2900 during the European session, reflecting relative stability amidst global economic uncertainties. Concurrently, US Treasury bond yields are retreating in anticipation of the forthcoming US jobs data, further highlighting the market's cautious stance.
At the White House Crypto Summit, regulation emerged as a central topic of discussion. The summit is a landmark event aimed at fostering dialogue on how best to integrate and regulate cryptocurrency within the financial system. David Sacks, appointed as the White House Crypto czar, confirmed plans to establish a reserve funded solely with bitcoin obtained through criminal and civil forfeitures. This reserve already holds $18 billion worth of BTC, marking a significant step forward in utilizing digital assets for public benefit.
The summit also underscores a broader trend towards embracing cryptocurrency within both national and international economic frameworks. The discussions are expected to explore various regulatory approaches to ensure that innovation in this sector is harnessed safely and effectively.