Gold prices decreased on Friday as investors locked in profits and equities recovered, but fears over a global economic slowdown and a lack of clarity on the U.S.-China trade war kept the metal on track for its third consecutive weekly gain.
Spot gold was down 0.6% at $1,513.80 U.S. per ounce early Friday, but is up 1.2% so far this week after rising in the previous two weeks. U.S. gold futures dipped 0.3% to $1,525.50 an ounce.
Limiting gold’s momentum, global financial markets appeared ready to gain ground on Friday, as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks.
U.S. President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short; this comes after Beijing vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.
Elsewhere among precious metals, silver slipped 0.7% at $17.15 U.S. per ounce but was on track for a second consecutive weekly gain.
Platinum fell 0.3% to $836.36 U.S. an ounce, while palladium rose 0.3% to $1,448.52 U.S. an ounce.
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