Gold closes at $4,213, posts 5% weekly gain

Gold nears $4,400, heads for best week in five years on trade tensions

Gold prices fell on Friday as the statement of the US President eased fears of escalating trade tensions with China.

December gold futures dropped 2.12%, or $91.3, to settle at $4,213.30 per ounce, but still logged a 5.32% weekly gain.

The metal’s strong weekly performance came as investors sought safety amid political tensions, the ongoing US government shutdown, and renewed trade frictions between the US and China.

However, market concerns eased after President Donald Trump said the additional tariffs on China would not continue and he would meet with President Xi Jinping within two weeks.