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Economic Times

Cooling trade tensions set gold on track for worst week since November

Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gold prices dropped more than 2% on Friday and were set for their worst week since November, as increased risk appetite from the U.S.-China trade agreement weighed on the gold fell 1.7% to $3,185.87 an ounce as of 1007 ET (14:07 GMT) and was down 4.2% so far this week. Last month, prices had reached a record high of $3,500.05 amid escalated tariff tensions.U.S. gold futures was down 1.2% to $3,188.70."The thawing of the U.S.-China trade war has revived risk appetite across the broader marketplace. This shift is prompting profit-taking among futures traders, particularly in the gold market, and has triggered a week-long wave of liquidation," said Jim Wycoff, senior analyst at Kitco and Beijing earlier this week announced a 90-day pause, while they work out the details to end their tit-for-tat trade war. Later, the U.S. said that it was slashing "de minimis" fees on smaller shipments from a result, the Wall Street's three main indexes opened higher on Friday, building on this week's gains, after a long period of is considered a hedge against economic and geopolitical turmoil. It also tends to do well in a low-interest rate recent slowing inflation data, combined with a weaker-than-expected economic data, in the United States cemented bets of more Federal Reserve rate cuts this expect the U.S. central bank to implement two rate cuts, beginning in silver lost 1.3% to $32.27 an ounce and fell over 1% for the week."It seems to me that if gold resumed its bull market run, then silver has a more upside price potential too," said platinum dipped 0.6% to $983.56 and palladium eased 0.3% to $965.46. Both the sister metals also headed for weekly declines.