Gold Slips, Heads for Worst Week in Six Months on Easing Trade Tensions
Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary US-China trade agreement dented demand for the safe-haven metal among investors.
Spot gold was down 0.9% to $3,210.19 an ounce as of 0933 GMT. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024.
US gold futures fell 0.4% to $3,213.60.
“We’ve gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices,” said Nitesh Shah, commodities strategist at WisdomTree.
Earlier this week, the US and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April, lifting sentiment in the wider financial markets.
The dollar index was subdued on the day, but was heading for its fourth straight weekly gain, making gold less attractive for other currency holders.
Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand.
