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Gold prices fell on Friday, but recovered from session lows as the dollar fell and stock markets rallied, but precious metals ended the week slightly higher due to growing trade tensions between the United States and China. The unemployment rate in the United States rose and wages rose less than expected in June, although the economy created more jobs than expected. Wage growth is a closely guarded sign of potential inflation that could prompt the Federal Reserve to further raise interest rates.
A weak dollar would provide gold support as it would make the precious metal cheaper for holders of other currencies. US customs duties on imports from China reached $ 34 billion, and the Chinese Ministry of Commerce immediately charged 25% of US products of the same value.
Markets have quietly absorbed tariffs and inventories have increased. The rising stock markets are putting pressure on gold prices by reducing demand for the yellow metal as a safe investment instrument.
At the end of the US session, spot gold reached $ 1255.30 an ounce, down 0.2% lower than $ 1252.15. The week ended on gains for the first time in four weeks
US gold contracts for delivery in August fell 0.2% to settle at 1255.80 $ the ounce
Among the other precious metals, spot silver rose 0.2% to $ 16.01 the Platinum ounce rose 0.14 percent to 839 , $ 35 an ounce, ending the week with a loss of 0.3 percent. Palladium fell 0.2% to $ 949.95 an ounce, ending the week down 0.1%
C is the fourth consecutive loss for all three metals.
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