BENGALURU (REUTERS) – Gold prices fell on Friday (Dec 13) after sources said Washington and Beijing had reached an interim trade deal and averted a fresh round of US tariffs, boosting appetite for riskier assets.
Spot gold was down 0.2 per cent at US$1,466.35 per ounce, as of 0051 GMT, but was on track to post a weekly gain. US gold futures were also down 0.2 per cent at US$1,469.60.
In the previous session, gold prices hit their highest in over a month, driven by trade uncertainties ahead of a Dec 15 deadline, when US tariffs on another US$160 billion (S$216.6 billion) of Chinese goods were initially expected to kick in.
A wave of trade relief lifted global stoocks following reports that the United States has agreed to reduce some tariffs and delay a tranche of tariffs as part of a “phase-one” deal. Asian markets also jumped on reports that Prime Minister Boris Johnson’s Conservative Party looked to have won a clear majority in UK elections.