Gold posts weekly loss of over 4.5% amid easing trade tensions

Gold bars

Gold prices declined on Friday, posting a weekly loss as global trade tensions eased following a US-China agreement to temporarily cut reciprocal tariffs.

June gold futures fell by 1.22%, or $39.40, to $3,187.20 per ounce, marking a weekly loss of 4.69%.

"The thawing of the US-China trade war has revived risk appetite across the broader marketplace. This shift is prompting profit-taking among futures traders, particularly in the gold market, and has triggered a week-long wave of liquidation," said Jim Wycoff, senior analyst at Kitco Metals.