Gold prices were poised for their worst weekly performance in more than two months on Friday as receding trade tensions tempered safe-haven demand, while the market’s focus shifted to the U.S. non-farm payrolls report, due later in the day.
Spot gold was steady at $3,239.15 U.S. an ounce late Thursday night.
Gold has lost more than 2% so far this week, the steepest weekly fall since late February.
U.S. gold futures rose 0.8% to $3,247.90.
Spot silver rose 0.5% to $32.57 U.S. an ounce, platinum firmed 0.8% to $966.59 and palladium gained 0.9% to $948.74.
The United States has approached China to seek talks over President Donald Trump’s 145% tariffs and Beijing’s door is open for discussions, China’s Commerce Ministry said on Friday, signaling a potential de-escalation in the trade war.
Experts say tariffs are easing, both U.S. and China are more willing to listen and take a step back, which is weighing on gold prices.
Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 as investors sought refuge from global economic turmoil.
The market now awaits U.S. non-farm payrolls report due at 8:30 EDT for more cues on the Federal Reserve’s policy path.
Non-farm payrolls likely increased by 130,000 jobs in April after rising by 228,000 in March, a Reuters survey showed. The unemployment rate is estimated to remain unchanged at 4.2%.
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