Gold Prices Firm Up on Dip-Buying Amid US-China Trade Talks
Gold prices rose on Friday, gaining 0.4% to $3,317.39 an ounce, after earlier dropping to $3,274.38 due to a US-UK trade deal. Despite the dip, gold has gained over 2% this week.
The US-UK trade agreement retains Trump’s 10% tariffs on British exports. It expands agricultural access and lowers US duties on British car exports. Britain will lower its tariffs from 5.1% to 1.8% and provide greater access to US goods.
Market focus is shifting to US-China trade talks set for this weekend. US President Donald Trump expects substantive negotiations and hints at reducing punitive 145% tariffs on China. According to KCM Trade Chief Market Analyst Tim Waterer, the outcome of these talks will determine gold’s direction ¹.
Market Trends:
- Gold: $3,317.39 per ounce, up 0.4%
- US Gold Futures: $3,321.80, up 0.5%
- Silver: $32.50 per ounce, steady
- Platinum: $985.15, up 1%
- Palladium: $977.73, up 0.2%
The Federal Reserve’s interest rate decision and upcoming speeches by Fed officials will also influence gold prices. Gold tends to thrive in low-interest-rate environments. Indian gold dealers are offering discounts due to weak demand, while buying in China has picked up after a holiday.
