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Gold was trading near its all-time high of $2,946.85 it hit on Wednesday

Spot gold dropped 0.2 percent to $2,928.52, while U.S. gold futures fell 0.1 percent

West Texas Intermediate crude futures also experienced a 0.3 percent rise, reaching $72.03 per barrel

Saudi welcomed last week's Trump-Putin phone discussion, aiming to unite both leaders in the Kingdom

Spot gold was up 0.1 percent at $2,898.99, while U.S. gold futures gained 0.4 percent to $2,912.60

Crude Oil WTI Futures set to expire in March increased by 0.7 percent to $71.17 per barrel

The U.S. dollar fell to near its lowest level since December 17 in reaction to disappointing U.S. retail sales data on Friday

Crude Oil WTI Futures expiring in March were similarly muted at $70.69 a barrel

Trump said he could meet Putin in 'not too distant future'

On Thursday, Trump asked his economics team to set up plans for reciprocal tariffs on every country taxing U.S. imports

This week, Brent was up 0.7 percent and WTI rose 0.5 percent

These comments follow Powell's statement that policymakers shouldn't rush to cut rates amid inflation