Gold dropped to around $5,200 per ounce on Friday, extending its pullback from the previous session on profit-taking, but remaining on track for a monthly gain of over 20%, its strongest performance since the 1980s. The recent rally was supported by elevated economic and geopolitical uncertainty, along with weakness in the US dollar. In the latest development, President Donald Trump signed an executive order imposing tariffs on goods from countries supplying oil to Cuba, a move that adds pressure on Mexico. Geopolitical tensions also remained high as Trump urged Iran to engage in nuclear talks, while Tehran warned of retaliation, vowing a swift response. On the monetary policy front, Trump said he will reveal his nominee for Federal Reserve chair on Friday, with reports indicating former Fed governor Kevin Warsh as the leading contender, who has long been a critic of ultra-loose Fed policy.
