On Friday, gold prices showed a decline, preparing for the largest weekly drop since November, due to the strengthening of the dollar. Investors are eagerly awaiting important data on inflation in the United States, which may provide clues about the future policy of the Federal Reserve System. The spot price of gold dropped to $2,851 per ounce, which means a 2.5% drop in a week after eight weeks of growth. Gold futures fell 0.8% to reach $2,863. Despite the fact that gold is traditionally considered a safe asset, uncertainty in trade relations may continue the process of profit-taking against the background of a stronger dollar, economists say. On Thursday, Donald Trump announced that his proposed tariffs of 25% on goods from Mexico and Canada will take effect on March 4, along with an additional 10% duty on Chinese imports. This decision is due to the continued flow of dangerous drugs from these countries to the United States. Investors are also focused on personal consumer spending (PCE) data, which is the Fed's preferred inflation indicator and will be released later on Friday. The spot price of silver fell 0.2% to $31.19 per ounce, platinum fell 0.1% to $948.05, and palladium fell 0.2% to $916.46. All three metals continue to show declines this month.
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