Gold and Oil slip as data, geopolitics pull markets

• Gold dips on strong U.S. retail and labor data
• Fed signals steady rates; cuts still possible this year
• Oil nears $70 on supply fears from Middle East
• Weekly oil loss as tariff clarity remains delayed

Gold remained under pressure near $3,352 on Friday, heading for its first weekly decline in three weeks. The pullback came as U.S. economic indicators diminished expectations for near-term interest rate cuts. Retail sales in June outpaced forecasts, while new jobless claims fell to their lowest level in three months, signals of ongoing economic durability despite tariff headwinds.

Even so, gold’s role as a safe-haven asset remained intact amid lingering global uncertainty. President Trump’s recent move to notify over 150 nations of their tariff terms raised concerns of renewed trade friction. Meanwhile, geopolitical flashpoints helped preserve investor demand for defensive assets like gold.

Brent is edging closer to $70. The rise followed ~1% uptick the day before, driven by concerns over supply disruptions and geopolitical instability in the Middle East. Seasonal travel demand also provided support, with global consumption averaging 105.2 million barrels daily in July.

Still, crude’s upside was capped by uncertainty surrounding U.S. tariff decisions, which are unlikely to be finalized before August. Additionally, potential production increases from major exporters and easing fears of Russian sanctions after Trump issued a 50-day ultimatum for a ceasefire have weighed on sentiment.

Oil is now set to register a weekly loss of over 1%, echoing gold’s performance in a week defined by the push and pull of economic data and geopolitical instability.