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(Reuters) – Gold prices fell nearly 1% on Friday as investors took profits after US President Donald Trump's new coup in a year-long trade dispute with China, which stimulated the demand for the yellow metal as a safe haven in the previous session.
At 5:48 GMT, spot gold was down 0.8% to $ 1433.63 an ounce, after peaking at $ 1,446.10 earlier in the session.
The metal has risen nearly 1% since the beginning of the week and is heading towards its third weekly gain in four weeks.
Gold in US futures has risen 1% to $ 1,446.10 an ounce.
The yellow metal jumped more than 2% Thursday after Trump announced that it would impose a 10% surtax on Chinese imports, worth $ 300 billion next month, while the trade war it was intensifying between the two largest global economies that shook the global financial markets.
Trump also said that in the absence of progress in trade negotiations, it could further increase royalties, even exceeding the 25% tariff on Chinese imports, which amount to $ 250 billion.
The dollar index, which tracks the performance of the greenback versus a basket of major currencies, rose 0.1% on Friday after posting its largest daily drop in two weeks in the previous session.
Among other precious metals, palladium jumped 1.2% to $ 1441.36 an ounce, dropping to a seven-week low in the previous session and heading toward the worst weekly performance in three month.
Platinum rose 0.5% to $ 853.01 the ounce, while silver fell 0.8% to $ 16.19 an ounce. Both are heading for their first weekly fall in four weeks.
(Reuters)
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