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Gold Inches Up on Trade Uncertainty

Nov 08, 2019 ( via COMTEX) --

Gold prices edged higher on Friday as iffiness around U.S.-China trade deal dented investors' risk appetite, but the metal was set for its biggest weekly decline in two and a half years.

Spot gold rose 0.3% to $1,472.08 U.S. per ounce early Friday morning, but were poised for its biggest weekly drop of about 3% since May 2017. In the previous session, prices dropped 2% to their lowest in more than a month.

U.S. gold futures rose 0.4% at $1,472.1 U.S. per ounce.

Asian stocks retreated from six-month highs as conflicting signals from China and the United States on progress made in trade talks deflated market hopes of a near term truce to end their damaging tariff war.

An agreement between the United States and China to roll back existing tariffs as part of a "phase-one" trade deal faced fierce internal opposition at the White House and from outside advisers, multiple sources familiar with the talks said.

Gold prices have risen over 14% so far this year mainly due to the protracted trade war that spurred global economic slowdown fears.

Elsewhere, silver dropped 0.1% to $17.09 U.S. per ounce, and was set to fall about 6% for the week, its steepest drop since July 2017.

Platinum fell 0.2% to $907.07 U.S. per ounce, poised for a more than 4% drop for the week. Palladium lost 0.1% to $1,799.47 U.S. , and was headed for its worst week in five.

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