Gold rally takes a breather, still heading for eight straight weekly advance

• Gold touches all-time high of $2,954 amid trade policy uncertainty.
• Trump expands tariffs to lumber and soft commodities, adding market jitters.
• US data mixed: Manufacturing PMI improves, but Services PMI contracts.

Gold price slides late on Friday, poised to end the week positively, accumulating eight straight weeks of gains that pushed the yellow metal to all-time highs of $2,954. At the time of writing, the XAU/USD trades at $2,940, down 0.15%.

The financial markets’ narrative has not changed as US President Donald Trump continues with rhetoric related to tariffs. In addition to imposing 25% tariffs on cars, pharmaceuticals and chips, Trump broadened duties to lumber and other soft commodities.