U.S. economic data surpasses expectations, geopolitical tensions ease, gold prices continue to fall on Friday.

Due to stronger than expected US economic data and easing geopolitical tensions in Iran, the price of gold continued its decline on Friday, with the bullish momentum being suppressed. The spot price of gold is currently down 0.5%, at $4590 per ounce. However, gold prices are still expected to record a gain of about 2% this week, after reaching a historic high of $4,642.72 per ounce on Wednesday. Julius Baer analyst Carsten Menke said, "The previous rally was strong, but now it seems to be weakening... Recent US economic data has brought some resistance rather than support, which is also reflected in the strengthening of the US dollar." On the geopolitical front, according to reports from foreign media on Wednesday and Thursday, Iranian sources have indicated a calming of the protests since Monday. Meanwhile, due to the prices hitting new highs again, demand for gold in India remains subdued this week, as retail purchases are being restrained.