Gold prices fell on Friday as the dollar rose against most major rivals while trade tensions cooled as investors shunned off the safe haven.

US two-year treasury yields fell by 3.9 basis points to 3.934%, while 10-year note yields fell by 6.1 basis points to 4.394%, as 30-year note yields fell by 6 basis to 4.861%.

Even as the US reached a preliminary trade deal with China, concerns remain about the high tariffs and their impact on corporations.

From his side, Fed Chair Powell warned against the increasing likelihood of supply shocks and subsequent high prices, and added the bank will adjust its outlook to accommodate such changes.

JPMorgan CEO Jimmie Damon also warned that recession risks remain for the US economy amid the ongoing impact of the tariffs on the global economy.

Otherwise, the dollar index rose 0.2% as of 19:50 GMT to 101.08, with a session-high at 101.2, and a low at 100.5.

On trading, gold spot prices fell 1.2% as of 19:50 GMT to $3189.4 an ounce, with a weekly loss of 4.7%.

Most US stock indices gained ground on Friday as recession concerns receded and US-China trade tensions continued to cool.

US two-year treasury yields fell by 3.9 basis points to 3.934%, while 10-year note yields fell by 6.1 basis points to 4.394%, as 30-year note yields fell by 6 basis points to 4.861%.

Despite the temporary US-China trade agreement, concerns remain about high tariffs and their impact on local US businesses.

Fed Chair Jerome Powell warned against the increasing likelihood of supply shocks and higher prices in upcoming years, asserting the Fed will readjust its outlook to accommodate such changes.

JPMorgan CEO Jimmy Damon stated that recession risks remain for the US due to the ongoing impact of tariffs.

On trading, Dow Jones fell 0.1% as of 17:38 GMT, or 74 points to 422,48 points, while S&P 500 rose 0.1%, or 3 points to 5919 points, as NASDAQ added 0.1% to 19,138 points.

Oil prices were unchanged on Friday amid increasing pressures on the supply side with OPEC+ raising output and with the prospects of a US nuclear deal with Iran, however, prices headed towards the second weekly profit in a row as US-China trade tensions receded.

Brent futures rose by 9 cents to $64.62 a barrel, while US West Texas futures rose by 6 cents to $61.68 a barrel.

Both contracts lost over 2% in the previous session on prospects of a nuclear deal with Iran.

US President Donald Trump said the US is close to making a nuclear deal with Iran, with Tehran “sort of” agreeing to his conditions. 

ING analysts wrote in a memo that reaching a nuclear deal would reduce supply risks and allow Iran to raise oil output and find buyers more readily, likely increasing supplies by nearly 400,000 thousand bpd.

Both Brent US crude futures managed to rise 0.6% this week despite the strong pressures, boosted after the US and China agreed to pause most tariffs for 90 days and engage in negotiations.

BMI analysts maintained their forecasts for Brent prices at $68 a barrel in 2025, and $71 in 2026, down from $80 in 2024.

The International Energy Agency now expects a growth of 380,000 thousand bpd in global supplies in 2025 as Saudi Arabia and other OPEC+ members scale back production cuts.

Investors also monitor signals of a potential Fed rate cut soon, which would boost growth and fuel demand.

Earlier this week, official EIA data showed US crude stocks rose more than expected last week, raising demand concerns.

Bitcoin rose on Friday in a time when investors are assessing a group of factors that might impact the market sentiment and crypto assets.

Bitcoin, the world’s most valuable cryptocurrency, rose 1.7% in the past 24 hours to $103652, after sliding to $101,000 on Thursday.

Technical analysts expect bitcoin to be on the verge of a short-term correction, but heading for a long-term upward trend. 

Crypto enthusiasts are optimistic about Trump’s supportive regulatory framework, with the new “Genius Act” bill governing stable cryptocurrencies about to pass the Senate next week.

On the other hand, the biggest US crypto exchange, Coinbase, is currently under investigations from the SEC for potentially providing inaccurate information about user numbers.

Coinbase responded that the investigation was prompted by the previous US administration, and is related to a measuring tool that was stopped two and a half years ago.

Despite this, Coinbase’s stock fell 7% on Thursday, after the company said it fell victim to a data breach, but the full impact of the events isn’t clear yet.

Nonetheless, optimism remains dominant among crypto traders, with most major currencies moving clearly higher.

Bitcoin Failing to Pass $105,000

Bitstamp data showed bitcoin is wavering between the $105,000 resistance and the 101,500 support.

Bitcoin has started a process of price stabilization after failing twice to pass the resistance of $105,000, in turn souring the mood of some traders.

However, some analysts note that markets tend to move against mass expectations, opening the door for a potential breach of $105,000 due to these increasing concerns.

Bitcoin is Lacking a Strong Stimulator 

Bitcoin has managed to hold onto the support of $100,000 for over a week, while hitting a 14-week high at $105,700 on May 12.

It’s estimated that bitcoin could have brought in even more gains, if it weren’t for sell moves by big entities according to the trading source Material Indicators.