Gold Dives on Trade Jitters
Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion.
Spot gold was down 0.1% at $3,363.91 per ounce, as of 0243 GMT. However, bullion has gained 0.4% so far this week. U.S. gold futures
fell 0.2% to $3,365.50.
The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan.
The S&P 500 and the NASDAQ notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors.
Offering respite to gold, the U.S. dollar index was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders.
Spot silver rose 0.2% at $39.14 U.S. per ounce and was on track for a weekly gain, up 2.5% for the week. Platinum eased 0.2% to $1,407.10 and palladium climbed 0.9% to $1,238.73 U.S.
