Gold headed for its fourth weekly decline in five weeks as investors assess the latest news on the trade war and increasing tensions in U.S. politics.
The metal has held losses after prices sank 1.8% on Wednesday in the wake of President Donald Trump’s comments that a deal with China could happen “sooner than you think.” Still, investors are closely watching developments in U.S. politics after officials released the whistle-blower complaint at the center of the impeachment inquiry against Trump.
Palladium is poised for an eighth straight week of gains, the longest run since 2010. MMC Norilsk Nickel PJSC, which controls about 40% of global palladium output, said a deficit of the metal may widen amid a lack of mine investment.
Spot gold steady $1,504.65/oz at 2pm in Singapore; -0.8% this week.
Source : Bloomberg