Gold prices rebounded on Friday in Asia but are still set to record the worst week in two years amid positive Sino-U.S. trade news.
U.S. Gold Futures for December delivery on New York’s COMEX traded 0.3% higher to $1,470.15 by 1:00 AM ET.
The safe-haven metal three-month lows in the previous session and was headed for its biggest losing week since 2017 after China said it was rolling back tariffs with the U.S. to try and get the first phase of their trade deal done.
Stock markets in the U.S. rallied following the news, while Chinese stocks also gained today.
Gold prices, which usually move in directions opposite to risk assets, suffered.
“Gold is pulling back some today with China’s trade optimism remarks as higher bond yields, stocks and no inflation volatility are all hitting safe-havens,” said George Gero, precious metals analyst at RBC Wealth Management in New York.
Also weighing on gold prices this week were news that the People’s Bank of China, which had been a consistent accumulator of bullion, failed to add to holdings again in October, according to data on Thursday./Investing.com