Gold Rangebound by Trade Talks

Gold traded in a tight $4 U.S. range on Friday as investors looked for signs of progress in ongoing U.S.-China trade talks, while concerns of a global slowdown in the wake of sombre economic data out of United States and China provided underlying support.

Spot gold rose 0.1% to $1,313.66 U.S. per ounce Friday morning, while U.S. gold futures gained 0.2% to $1,316.90 U.S.

Two White House negotiators will meet with Chinese President Xi Jinping later on Friday, but there has been no decision to extend a U.S. deadline for a deal by March 1, U.S. President Donald Trump's economic adviser Larry Kudlow said on Thursday.

U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25% from 10% if the two sides don't reach a deal by then.

Investors have, since last year, sought safety from the U.S.-China trade dispute in the greenback, which was marginally higher on Friday, capping gold's gains.

Spot gold is expected to revisit its Jan. 31 high of $1,326.30 U.S. per ounce, as suggested by its wave pattern and a retracement analysis.

Gold had gained 0.5% in the previous session, its biggest intraday gain since Jan. 30, as disappointing U.S. economic data increased expectations that the Federal Reserve would stick to its dovish stance on monetary policy.

In other precious metals, palladium was down 0.1% at $1,413.50 U.S. per ounce. The metal was still on track for a second consecutive weekly gain, up about 0.9 percent so far.

Platinum fell 0.2% to $784.25 U.S. an ounce, having fallen to its lowest level since Dec. 11 in the previous session. It was set for a second straight weekly fall.

Silver eased 0.1% to $15.61 and about 1.5% so far this week, which could be its second weekly decline.