Gold prices dipped on Friday as investors enjoyed profits after the European Union forged a new Brexit deal with Britain, though a floor was kept under prices by uncertainties over trade negotiations and the global economy.
Spot gold edged down by 0.1% to $1,490.05 U.S. an ounce, as U.S. gold futures fell 0.4% to $1,493.
The European Union backed a new Brexit deal with Britain on Thursday, prompting an uptick in Asian shares in early trade. However, gains were capped by disappointing economic growth data from China.
While markets cheered Brexit developments, doubts will resurface if British Prime Minister Boris Johnson is unable to secure U.K. parliament backing for the agreement to take Britain out of Europe on Oct. 31.
Worries surrounding a trade war between the United States and China continue to linger, with China’s third-quarter economic growth slowing more than expected to its weakest pace in almost three decades.
Among other precious metals, palladium rose 0.2% to $1,762.91 U.S. an ounce, a day after hitting a record high of $1,783.21. The autocatalyst metal was up 3.7% on the week and set for its best since the week of Sept. 13.
Platinum was down 0.2% at $885.40 U.S. while silver fell 0.1% to $17.51.
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