Gold headed for its biggest weekly drop in five weeks, as investors weighed easing trade tensions between the U.S. and China ahead of the U.S. Federal Reserve’s final policy meeting of 2018 next week.
China will remove the punitive duty on automobiles imported from the U.S. for three months in an effort to defuse trade tensions with the world’s biggest economy. The dollar is poised to post its biggest weekly advance in in four months.
Spot gold -0.2% at $1,239.12/oz; -0.8% this week, which will be biggest drop since week ending November 9.
Bloomberg Dollar Spot Index +0.5%; +0.9% this week.
Other precious metals; Silver -0.8% to reverse most of week’s gains. Platinum -0.3%, palladium -1.2%.