Gold Loses, Heading for Worst Weekly Performance in Two Months

Gold prices rose on Friday, but were on track for their worst weekly performance in more than two months amid easing trade tensions, which dampened safe-haven demand.

Spot gold rose 0.3% to $3,252.02 per ounce, while U.S. gold futures rose 1.2% to $3,261.00. The yellow metal has fallen more than 2% since the beginning of the week, its biggest weekly decline since late February.

Global investors are awaiting the release of the U.S. nonfarm payrolls report later today for additional clues on the direction of the Federal Reserve’s monetary policy, according to Reuters.

The decline in gold demand followed reports that the United States had contacted China to resume talks on tariffs, suggesting that Beijing is open to negotiations. President Donald Trump imposed tariffs of up to 145%, sparking market turmoil in recent weeks.