Gold prices inched lower on Friday in range-bound trade, pressured by increased risk appetite on hopes of an interim China-U.S. trade deal being signed soon, while investors awaited U.S. Gross Domestic Product data release for fresh cues.
U.S. Treasury Secretary Steven Mnuchin said on Thursday the United States and China would sign their so-called "Phase-one" trade pact at the beginning of January, adding that it would not be subject to any renegotiation.
Spot gold fell 0.1% to $1,478.33 U.S. per ounce overnight Friday and was set to gain for the fifth straight quarter. U.S. gold futures were down 0.1% to $1,482.70 per ounce.
China’s Finance Ministry unveiled a new list of import tariff exemptions for a duration of one year starting Dec. 26 for six chemical and oil products from the United States.
Investor demand for gold was further pressured as Asian shares firmed ahead of the holiday season, holding close to 18-month peaks. The dollar was steady, even as it gained for the first week in four, supported by better-than-expected U.S. economic data.
Elsewhere, palladium rose 0.4% to $1,944.44 U.S. per ounce. Prices of the auto catalyst metal had hit an all-time peak of $1,998.43 U.S. on Tuesday on a sustained supply crunch.
Silver was flat at $17.06 U.S. per ounce, while platinum edged up 0.1% to $934.39 U.S.
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