Gold Rebounds on Dip Buying; US-China Trade Talks in Focus
Gold prices firmed on Friday as investors bought bullion following an earlier dip in the session, while markets turned their focus to US-China trade talks this weekend.
Spot gold was up 0.3% to $3,316.29 an ounce, as of 0448 GMT. US gold futures firmed 0.5% to $3,321.60.
Spot gold retreated earlier in the session, touching a low of $3,274.38, as US President Donald Trump announced a trade deal with the UK on Thursday.
Trump and British Prime Minister Keir Starmer announced a “breakthrough deal”. A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods.
“Buying gold on dips is still in vogue, which is so far limiting the downside moves despite safe haven demand drying up to a degree on the US-UK trade deal,” KCM Trade Chief Market Analyst Tim Waterer said.
“How the US-China trade talks develop could be key in determining which side of $3,300 gold trades at next week.”
Trump also said he expects there to be substantive negotiations between the US and China on trade this weekend and predicted that punitive US tariffs on Beijing of 145% would likely come down, Reuters said.
