Gold prices fell 2% on Friday and were on track for a weekly decline as the dollar strengthened and signs of easing U.S.-China trade tensions after a report that Beijing has exempted some U.S. goods from its tariffs weighed on bullion.
Spot gold fell 1.7% to $3,292.99 an ounce by 1:39 a.m. EDT (1739 GMT), after dropping as much as 2% earlier in the session. Bullion was down 1.2% for the week.
U.S. gold futures settled 1.5% lower at $3,298.40.
"The apparent reduction in tariffs has had a negative impact on gold prices ... But so far we haven't seen any substantial liquidation," said TD Securities commodity strategist Daniel Ghali. "However, we know that they have continued to buy on dips over the last few sessions, so we think gold can continue its upward trajectory."
China is considering exempting some U.S. imports from 125% tariffs and has asked businesses to identify goods that could qualify, according to people briefed on the matter.
Earlier this week, U.S. President Donald Trump suggested a de-escalation of the tit-for-tat tariff battle, saying direct talks were underway.
Meanwhile, the U.S. dollar rose and was on track for its first weekly gain since March, making bullion more expensive for overseas buyers.
Gold, traditionally seen as a hedge against geopolitical and economic uncertainty, hit a record high of $3,500.05 an ounce and has gained more than 25% so far this year, on U.S.-China trade tensions and strong central bank demand.
"Trade war concerns were the main reason behind all the previous gold buying. However, it may be some time before we see any real progress and the concerns have not completely gone away," said Fawad Razaqzada, market analyst at City Index and FOREX.com.
Elsewhere, spot silver fell 1.6% to $33.03 an ounce, but was headed for a third straight week of gains.
Platinum fell 0.5% to $965.53 and palladium fell 1.8% to $936.89. (Newsmaker23)
Source: Reuters
Gold prices rise over 0.44% during Friday's North American session as weaker than expected jobs market data increased the chances that the Federal Reserve (Fed) will cut interest rates next week. At t...
Gold (XAU/USD) trims a part of its intraday gains, though it sticks to positive bias through the first half of the European session on Friday and remains close to the record high touched earlier this ...
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Res...
The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of th...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs ...
EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair...
U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has...
Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S....
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...