Gold edged higher — after a tumultuous week in which it jumped nearly 6% in the first two sessions before retracing most of those gains — as markets digested the new U.S.-UK trade deal.

Bullion was trading above $3,316 an ounce, up more than 2% for the week. The pact gives the U.S. better market access and a faster customs process for exports to the U.K., while the U.K. will see limited relief on auto, steel and aluminum tariffs. However, it falls short of the "complete and comprehensive" deal promised by President Donald Trump.

Trump also said he was confident that this weekend's trade talks with China would produce real progress. The president said he would consider rolling back the 145% tariffs he has imposed on many Chinese goods if the discussions go well.

Beijing, meanwhile, reiterated its call for the U.S. to drop unilateral tariffs on China. U.S. Treasury bonds tumbled as investors took healthy jobs data and a U.S.-UK trade framework as reasons to embrace riskier assets and scale back bets on interest rate cuts. Both higher yields and borrowing costs tend to be negative for non-yielding gold.

Read More: Trump's Little UK Deal Shows Limits of Crazy Trade Strategy

A softer stance on trade from the U.S. would erode demand for safe-haven assets, which have helped gold climb more than a quarter this year and hit a record above $3,500 last month. But the limited nature of the U.S.-UK deal and the lack of details mean it is unlikely to revive confidence in Trump's economic agenda or allay concerns about slowing global growth.

Spot gold rose 0.3% to $3,316.46 an ounce as of 7:30 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat, and up 0.5% for the week. Silver, palladium and platinum all edged up. (Newsmaker23)

Source: Bloomberg