Gold heads for weekly loss amid easing trade tensions, strong jobs report
Gold edged lower on Friday and was headed for a second consecutive weekly loss as easing trade tensions between the U.S. and China and a strong jobs report kept prices pressured.
Spot gold was down 0.4% at $3,228.50 an ounce as of 1:41 p.m. ET (1741 GMT). Prices were down 2.6% weekly, after hitting a record $3,500.05 on April 22. It hit its lowest since April 14 on Thursday.
U.S. gold futures settled 0.6% higher at $3,243.30.
China's commerce ministry said the U.S. has repeatedly expressed willingness to negotiate on tariffs and that Beijing's door is open for talks.
"Gold looks like $3,500 may be a top for a little while, especially if some trade deals start to come through and some risk on appetite starts to break through the kind of negative euphoria that we've been seeing since the tariff talks," said Daniel Pavilonis, senior market strategist at RJO Futures.
Data showed nonfarm payrolls increased by 177,000 jobs last month. A Reuters survey had forecast an increase of 130,000 jobs.
However, the report is backward-looking and it is too early for the labor market to show the impact of U.S. President Donald Trump's on-and-off-again tariffs policy.
Spot silver fell 1.3% to $31.98 an ounce, platinum rose 0.1% to $959.20 and palladium added 0.6% to $946.18. All three metals were on track for weekly declines.
Source: Reuters
