Gold prices fall, set for worst week in 6 months

Gold bars

Gold prices declined during Friday trading, heading for their steepest weekly drop in six months, as fears of a trade war between the world’s two largest economies eased.

June gold futures fell by 0.15%, or $4.50, to $3,222.10 per ounce, on track for a weekly loss of over 3%—its worst weekly performance since November.

Spot gold dropped 0.75%, or $24.30, to $3,215.80 per ounce as of 8:29 am KSA time.

The US dollar index—which measures the greenback against a basket of six major currencies—declined 0.3% to 100.59 points, though it remains on course for its fourth straight weekly gain unless losses deepen during the session.

July silver futures fell 0.25% to $32.60 per ounce. Spot prices for both platinum and palladium also declined by about 0.4%, to $990.24 and $960.45 per ounce, respectively.

Markets are now awaiting the University of Michigan's Consumer Sentiment Index later today, which is expected to provide insight into inflation expectations and the outlook for US monetary policy.