Gold steadies on Friday and heads for the largest weekly loss in more than two years, as the U.S. and China agree to roll back tariffs on each other’s goods, boosting trade sentiment.
Spot gold little changed at $1,467.44/oz at 8:26am in Singapore after losing 1.5% on Thurs. Metal headed for weekly loss of about 3%. Spot silver steady at $17.0920/oz, heading for lowest close since Sept. Platinum little changed and heads for weekly loss of more than 4%; palladium steady at $1,802.89/oz.
“In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement,” China’s Ministry of Commerce spokesman Gao Feng said Thursday. White House economic adviser Larry Kudlow later confirmed the advance in negotiations.
Source : Bloomberg