Gold prices sank on Friday, as robust U.S. data encouraged a return to riskier assets and hit demand for safe-haven bullion, also sending platinum down 3%.
Spot gold was down 0.6% to $1,509.41 U.S. per ounce early Friday morning, after shedding 1% to a low of $1,504.30, its lowest since Aug. 23.
U.S. gold futures slid 0.5% to $1,517.90 U.S. per ounce.
Upbeat private payrolls and services industry data from the United States sent gold prices plunging 2% on Thursday. The declines put gold on pace for its second straight week of losses.
More pressure was put on the shiny yellow metal this week by word that the United States and China had agreed to hold high-level talks early in October that fueled optimism for substantial progress in de-escalating the long, bitter trade conflict between the two.
Gold has jumped about 18% this year as the bruising trade war has sparked fears of a global economic slowdown and encouraged interest rate cuts by major central banks around the world.
Other precious metals dipped along with gold, with silver down 1.4% to $18.37 U.S. per ounce, after slumping 4.8% in the previous session. The metal, which on Wednesday hit its highest since September 2016, remained on track to end the week higher.
Palladium fell 0.7% to $1,548.94 U.S., dropping after three straight days of gains.
Meanwhile, platinum dropped 3% to $928.25 U.S. an ounce.
Related Stories
