Gold prices headed higher on Friday as testiness between the U.S. and China drew investors into assets considered havens, including government debt and the Japanese yen.
However, continuing plans to reopen economies that have been frozen by the COVID-19 pandemic and hope for remedies has limited the upside in precious metals, experts said.
Gold for June delivery on Comex was up $14, or 0.8%, at $1,735.90 an ounce, after the yellow metal dropped 1.7% on Thursday marking its first decline three sessions.
Meanwhile, July silver was picking up 9 cents, or 0.5%, at $17.455 an ounce, after falling 3.7% in the previous session.
For the week, bullion is looking at a 1.1% weekly decline, while silver is on pace for 2.1% gain based on last Friday’s settlements for the most-active contracts.