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The gold market is clinging to $2,000 an ounce heading into the weekend; however, strong neutral sentiment in the marketplace suggests that the precious metal is in no hurry to go anywhere anytime soon.

The US is considering tough new rules that would require two-thirds of new vehicles to be electric by 2032. The proposed regulations - revealed by the Biden Administration’s Environmental Protection Agency yesterday - would set tough greenhouse gas emissions limits on the car industry.

In November 2022 the European Commission proposed new Euro 7 standards to reduce pollutant emissions from vehicles and improve air quality. Their stated aims were to ensure cleaner vehicles on the road and improved air quality, protecting the health of citizens and the environment.

Nicky Shiels, head of metals strategy at MKS PAMP, says if the Fed can’t do a good enough job in orchestrating a soft landing for the economy, gold prices could trade upwards of $2,500 an ounce.

Gold price consolidates its recent gains to a fresh one-year high and seesaws between tepid gains/minor losses through the first half of the European session on Friday. The XAU/USD is currently placed around the $2,040 area and seems poised to prolong its recent upward trajectory witnessed over the past month or so.