Gold is set for a third weekly drop, the worst run in five months, as investors weigh goodwill measures on trade from China and the U.S. against fresh stimulus from the European Central Bank and prospects for another U.S. rate cut next week. Palladium fell after hitting a record Thursday.
Spot gold little changed at $1,499.41/oz at 7:13am in London; -0.5% this week. Bloomberg Dollar Spot Index -0.1%.
Trump administration officials have discussed offering a limited agreement to China that would delay and even roll back some tariffs in exchange for Chinese commitments on intellectual property and agricultural purchases. On Thursday, gold jumped before paring gains as the ECB’s move to cut rates further below zero and revive bond purchases drew doubts over its effectiveness.
Source : Bloomberg