On the trade front, US President Donald Trump said China not abiding by a trade agreement negotiated earlier this month, suggesting fresh turmoil on the issue. Trump’s remarks came after Treasury Secretary Scott Bessent characterised trade talks with Beijing as “a bit stalled.”
Gold is headed for a weekly loss of 2% after registering a nearly 5% gain the previous week.
The price decline was also driven by technical factors, according to Kelvin Wong, senior analyst at Oanda Asia Pacific Pte. “The price action in gold has twice failed to break above the key near-term resistance level of US$3,328 ($4,278.39),” he said.
The precious metal is still up 25% this year, supported by its haven appeal as markets are rocked by uncertainties surrounding Trump’s tariff agenda.
See also: Record gold floods into Shanghai warehouses on arbitrage play
Spot gold was down 0.9% to US$3,289.25 an ounce as of 12.30pm in New York. Silver, palladium and platinum declined.
