Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future.

Here’s what you need to know:

1. Gold traded above $3300/oz all week, peaking near $3400 before settling closer to $3320 on Friday.

2. Weak U.S. manufacturing and labor data helped boost gold early in the week.

3. A stronger-than-expected May Jobs Report reversed some of those gains, lifting the dollar and Treasury yields.

4. Gold remains rangebound, reflecting trader caution ahead of key inflation data due next week.

The first trading days of June 2025 ultimately felt much less volatile and emotionally driven for gold markets than the previous month. This was thanks largely to headlines around the Trump Tariffs slowing to a trickle and generally being less inflammatory. Whether that should signal a calmer stretch in Washington or is just a sign of the summertime trading doldrums setting in early is unclear.

The week began with investors and traders falling back into a risk-off mood that bordered on frantic in some corners of global markets. This swing was exacerbated by an ugly ISM Manufacturing Survey print on Monday morning, which reported the US’ critical industrial sector slowed farther into contraction last month rather than a moderate re-acceleration as expected by the consensus.

The US Dollar fell again after being battered in the previous week, and this again provided a strong and steady tailwind for gold prices. By the time US markets opened to start the week (even well before the ISM data printed), the gold spot had moved well above $3300/oz, a level that the yellow metal has not looked back at since.

Volatility in the gold market dropped off considerably after a slight leg higher on Tuesday morning as gold’s momentum carried on through most of the week. The precious metal made occasional forays to within touching distance of $3400, but thanks to a more up-and-down run for the US Dollar that included a few bullish rallies, there was never enough buying interest (or else there was too much profit-taking pressure) to consolidate a hold so high.

On the run-up to Friday, gold spot prices seemed somewhat tethered and comfortable, just north of $3350/oz.

We did see some shaky US labor market data— a sharp downside miss in the ADP count of private payroll jobs added in the US last month and a higher-than-expected Initial Jobless Claims number— that caught some traders’ attention and surely led to some hand-wringing about growth risks as created by the US administration’s threatened packages of punitive tariffs.