Gold prices sustained their upward momentum, maintaining a bid tone near their record highs by the end of the week. The US Dollar's notable weakness played a significant role in this development. This weakness stemmed from a more relaxed stance towards China and diminishing concerns surrounding former President Trump's tariff policies. As a result, other currencies, such as the British Pound and the Euro, leveraged opportunities to gain ground against the weakened Dollar.
The British Pound capitalized on this scenario, pushing GBP/USD closer to recent two-week highs near 1.2450. The Pound's strength was further supported by encouraging figures from the UK's advanced Manufacturing and Services Purchasing Managers' Indexes (PMIs). Meanwhile, the Euro maintained its bullish momentum against the Dollar, with EUR/USD trading close to multi-week highs around the 1.0500 mark.
In the United States, the preliminary PMIs for Manufacturing and Services released this month painted a mixed picture. These results have added to speculation regarding future financial policies. Capital market participants anticipate a series of interest rate cuts in both the Eurozone and the United States throughout the year. The US Federal Reserve is expected to implement two 25 basis point cuts, while the European Central Bank (ECB) is predicted to carry out four such reductions.
Cryptocurrency markets also saw movements, with Dogelon Mars (ELON) continuing its rally on Friday. This digital asset recorded an impressive 18% rise over the past week, reflecting growing interest and investment in emerging cryptocurrencies despite broader market uncertainties.