Gold rises, records weekly loss

Gold bars

Gold prices rose on Friday, but recorded a weekly loss amid easing trade tensions between the US and China, and the release of data that reduced fears of a US economic recession.

Gold futures for June delivery increased 0.60% to $3,243.30 per ounce, but lost 1.67% this week.

Gold’s positive performance today coincided with a drop in the US Dollar Index—which measures the US currency against six major currencies—by 0.27% to around 100 points at 10:13 pm Makkah time.

Following repeated denials by China of statements by US President Donald Trump and his administration regarding communication between the two countries over trade tensions, Beijing this week hinted at possible thaw with US in weighing trade talks.

This led to reduced investor concerns over the trade conflict between the world’s two largest economies, resulting in a decline in demand for safe-haven assets like gold.