OANDA senior market analyst Wang Suiqin pointed out that gold prices were twice hindered from the key resistance level of $3,328 per ounce, triggering a technical sell-off.

International gold prices continued to fall on Friday (May 30), and the market experienced a technical pullback before the release of key US economic data, causing the cumulative decline of gold prices to approach 2% this week.

According to Bloomberg on Friday, spot gold fell 0.8% at one point, at 1:40 pm Singapore time at $3,300 (about S$2,557). Investors are waiting for the release of the US personal consumption expenditure (PCE) price index in April, the Federal Reserve's preferred inflation indicator, which may provide clues to assess consumer spending and wage growth.

Despite weak performance this week, the safe-haven appeal of gold prices is still supported. Uncertainty in U.S. President Trump's tariff plan continues to disturb the market. Goldman Sachs said gold and crude oil will continue to serve as anti-inflation hedges in long-term investment portfolios.