Gold futures on Friday headed sharply lower, putting bullion on track to record its steepest daily drop in October, dragging the commodity to its sharpest weekly fall in more than a year, amid growing optimism on Sino-American trade talks and progress on Brexit.

December gold on Comex was down $17, or 1.1%, to trade at $1,484.30 an ounce, falling further below the psychologically significant level at $1,500. Bullion’s decline, if it holds, would push the metal to its weakest level since Oct. 1 and produce its sharpest daily slump since Sept. 30, according to FactSet data.

For the week, gold is on track to lose 1.9%, which would represent the firmest weekly decline for the most-active contract since a 2% decline in the week ended Nov. 9, 2018.

Meanwhile, December silver lost 14 cents, or 0.8%, to trade at $17.465 an ounce, putting gold’s sister metal on pace for a weekly decline of 0.1%.

Source : Market Watch