Gold retreated on Friday and geared towards slight earnings this week as the probability of slowing rates hikes by Fed bolstered some positivity amid the weakened economic indicators.

Spot gold dropped 0.1% at $1,753.20 per ounce and gold futures declined by 0.1% at $1,752.75 per ounce.

Thanks giving holiday conveyed little trading signs to the metal market while the optimistic signs from Fed minutes gave backwind for the prices.

The increased appetite on the safe haven demand during the next months will be an opportunity for gold to take advantage of amid the backward of the U.S. dollar and the poor economic situations.

Fed minutes came with the majority supporting the easing of rate hikes so the influence of the economy on the aggressive rates raise can be measured. This refers to eased stress on metal markets in the future.

China is currently encountering record covid-19 cases, consequently strict measures has been revived to combat the spread.

Metal demand has been notecably impacted by the pandemic spread as it was a major setback for the chinese economy.