Gold Prices Head for Weekly Drop as Hopes Rise for U.S.-China Trade Talks
By Favoredjane
Gold prices edged up in Asian trading on Friday, but the yellow metal is still on track for a weekly loss as investors grew hopeful about renewed trade talks between the U.S. and China.
Spot gold rose 0.5% to $3,255.95 per ounce, and gold futures for June delivery gained 1.2% to $3,232.24. However, after three straight days of declines, gold is set to end the week down about 2%.
The drop comes as China signaled it may resume trade talks with the U.S., provided that the Trump administration removes unilateral tariffs. Chinese officials emphasized that any discussions must be based on “sincerity.”
Optimism about improving U.S.-China relations has boosted risk appetite, prompting investors to move away from safe-haven assets like gold.
Earlier in the week, President Donald Trump signed two executive orders aimed at easing auto tariffs, further easing trade war tensions.
Meanwhile, traders are also eyeing upcoming U.S. payrolls data, which could influence the dollar and interest rate outlook key drivers for gold.
