Gold gains today, still ends week down over 3%

• Gold climbs 0.23% on Friday but is set for weekly drop above 3%.
• US Durable Goods Orders exceed expectations, though March’s revised down data softened the impact.
• XAU/USD recovers on mixed US data that weighs on US Dollar.
• Traders now anticipate only 25 basis points of Fed rate cuts in 2024, reducing expectations for easing.

Gold price stabilized on Friday after registering back-to-back days of losses, climbing some 0.23%. Yet it was down more than 3% on the week, the largest weekly loss since December 2023. The US Durable Goods Orders data was better than expected, but a downward revision to the previous month’s reading diminished the report’s impact, giving the green light to Gold buyers.

The XAU/USD trades at $2,332 after bouncing off a daily low of $2,325.