Gold Set for Worst Week in Two Months

Gold Set for Worst Week in Two Months
Gold prices were poised for their worst weekly performance in more than two months on Friday as receding trade tensions tempered safe-haven demand, while the market’s focus shifted to the U.S. non-farm payrolls report, due later in the day.

Spot gold was steady at $3,239.15 U.S. an ounce late Thursday night.

Gold has lost more than 2% so far this week, the steepest weekly fall since late February.

U.S. gold futures rose 0.8% to $3,247.90.

Spot silver rose 0.5% to $32.57 U.S. an ounce, platinum firmed 0.8% to $966.59 and palladium gained 0.9% to $948.74.

The United States has approached China to seek talks over President Donald Trump’s 145% tariffs and Beijing’s door is open for discussions, China’s Commerce Ministry said on Friday, signaling a potential de-escalation in the trade war.

Experts say tariffs are easing, both U.S. and China are more willing to listen and take a step back, which is weighing on gold prices.

Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 as investors sought refuge from global economic turmoil.

The market now awaits U.S. non-farm payrolls report due at 8:30 EDT for more cues on the Federal Reserve’s policy path.

Non-farm payrolls likely increased by 130,000 jobs in April after rising by 228,000 in March, a Reuters survey showed. The unemployment rate is estimated to remain unchanged at 4.2%.

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