May 16, 2025 (Baystreet.ca via COMTEX) --
Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary U.S.-China trade agreement dented demand for the safe-haven metal among investors.
Spot gold was down 0.9% to $3,210.19 an ounce U.S. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024.
U.S. gold futures fell 0.4% to $3,213.60.
Earlier this week, the U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April, lifting sentiment in the wider financial markets.
The dollar index was subdued on the day, but was heading for its fourth straight weekly gain, making gold less attractive for other currency holders.
Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand.
COMTEX_465551922/2559/2025-05-16T07:12:44
