Wells Fargo noted that the recent atypical selloff of the U.S. dollar is likely a temporary occurrence. Analysts believe that the current shift away from U.S. assets should only be transitory, as the shift is tactical rather than a fundamental reassessment.

Gold prices fell 2% on Friday and were on track for a weekly dip as the dollar rose and signs of easing U.S.-China trade tensions after a report that Beijing had exempted some U.S. goods from its tariffs weighed on bullion.