The precious yellow metal recorded its first weekly decline after moving in the green for eight consecutive weeks.
Its price managed to break through its all-time high starting from the fifth week and consistently opened a record around $2,956 on February 24, 2025.
At 9.40 am, the price of gold was at $2,880.28, which was unchanged since it opened early Friday trading in the Asian session.
The market movement pattern in February showed that the selling trend remained active at the top of the price when there was buying interest in US government bonds to strengthen the momentum of attraction in response to the measures of the administration of President Donald Trump.
Looking at the current potential, XAU/USD showed its confidence to decline to $2,800, which is the area touched in late October compared to its recent peak position above $2,900.
Now, the market will turn its attention to the US Personal Consumer Expenditures (PCE) Index data for January, which will be released at 9.30pm on Friday.
If the higher forecast is on target, this will further reinforce the Fed's hawkish tone and reinforce the reduction in expectations of a rate cut in the near future.
Conversely, a weaker tone will drag down market confidence that the Fed will start easing its policy in June 2025.
