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Gold prices rose modestly in Asian trading on Friday, buoyed by a slight pullback in the U.S. dollar ahead of key labor market data, although the metal remained on track for a weekly loss amid signs of easing trade tensions between the U.S. and China.
As of 01:53 ET (06:53 GMT), Spot Gold climbed 0.5% to $3,255.95 per ounce, while June Gold Futures gained 1.2% to $3,232.24.
Weaker Dollar Supports Gold Before Payrolls Data
The U.S. Dollar Index slipped 0.2%, helping make gold more attractive to foreign buyers. Investors are now focused on the U.S. non-farm payrolls (NFP) report, due later today, which is expected to shape the outlook for Federal Reserve interest rate policy.
Gold had come under pressure earlier in the week after data showed the U.S. economy contracted in the first quarter, followed by a string of signs that global trade tensions may be easing.
Weekly Decline Despite Friday Rebound
Gold is set to post a 2% weekly decline, its steepest in over a month, as appetite for safe-haven assets declined following:
- Reports of potential trade talks between Washington and Beijing
- President Trump’s moves to ease auto tariff rules
- Hints from both sides of a willingness to negotiate, albeit conditionally
These developments sapped momentum from bullion, which had hit record highs earlier in April on the back of economic and geopolitical uncertainty.
Broader Metals Rally on Trade Talk Hopes
Silver Futures surged 1.4% to $32.625 an ounce, while Platinum rose 0.9% to $982.35 an ounce, tracking gold’s gains.
Copper prices also jumped as optimism grew over trade dialogue between the world’s two largest economies, which could benefit Chinese manufacturing and infrastructure demand:
- London copper futures rose 1.9% to $9,379.35 a ton
- July U.S. copper contracts gained 1.1% to $4.6843 per pound
While gold rebounded on Friday amid a softer dollar and cautious sentiment ahead of U.S. jobs data, it remains under pressure as optimism over U.S.-China trade talks reduces demand for haven assets. The payrolls report will be key in shaping gold’s short-term path, especially regarding the Fed’s next move.
