UNITED STATES (OBSERVATORY NEWS) — Gold prices fell on Friday to their lowest level in three months and recorded the biggest weekly loss in three years as the attractiveness of the precious metal as a safe investment vehicle from the positive developments in trade talks between the United States and China.
Spot gold fell 0.4 percent to $ 1,461.66 an ounce late in the session, ending the week down 3.5 percent, the biggest weekly loss since November 2016. Earlier in the session, the yellow metal fell to $ 1,455.80, its lowest level since Aug. 5.
US gold futures fell 0.2 percent to settle at $ 1,462.90 an ounce.
A White House spokeswoman said tariffs on Chinese goods could be abolished if a US-China trade agreement were reached.
The dollar hit a three-week high against a basket of major currencies.
Among other precious metals, spot silver fell 1.6 percent to $ 16.83 an ounce after touching its lowest level since Aug. 13, the biggest weekly drop since October 2016.
Platinum fell 2.2 percent to $ 888.77 an ounce and ended the week with a loss of around 6 percent, the biggest weekly drop since November 2015.
Palladium fell 3.2 percent to $ 1,744.65 an ounce after touching a two-week low and recorded its first weekly loss in five weeks.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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