Gold prices fall, set for worst week since Nov.
Gold prices fell in Asian trade on Friday and were headed for steep weekly losses as a trade deescalation between the U.S. and China boosted risk appetite and undermined safe haven demand for gold.
Traders were seen locking in steep profits in gold, as it fell sharply from recent record highs. The yellow metal was also pressured by resilience in the dollar this week, as well as rising U.S. Treasury yields.
Spot gold fell 0.8% to $3,214.90 an ounce, while gold futures for June fell 0.3% to $3,217.65/oz by 01:27 ET (05:27 GMT).
Gold set for worst week since Nov
Spot prices were trading down about 3.2% for the week, their worst drop since early-November 2024, as haven demand for bullion was battered by improving risk appetite.
Washington and Beijing agreed to temporarily slash trade tariffs on each other earlier this week, marking a deescalation in a bitter trade war between the world’s biggest economies.
Asian shares cap strong week on soft note.
Asian stocks were set to end a strong week on a softer note on Friday as the euphoria over U.S.-China trade talks faded, while firmer bets for policy easing in the United States sparked a rally in beaten-down bond markets.
Oil prices steadied after plunging over 2% overnight on news of a potential U.S.-Iran nuclear deal, but they are still up 1% for the week as the global economic outlook brightened. [O/R]
European shares are bracing for a similarly subdued open with little data or events scheduled later in the day to provide a clear catalyst. EUROSTOXX 50 futures were mostly flat while Wall Street futures were also little changed.
It has been a strong week for global share markets as investors cheered the trade war truce between the United States and China, which has greatly lessened the chance of a global recession. However, there was enough prevailing uncertainty to keep investors cautious heading into the weekend.
Bitcoin price today rebounds to $104k.
Bitcoin rebounded on Friday as investors mulled the U.S. Federal Reserve’s interest rate outlook after subdued inflation prints released this week.
Meanwhile, crypto markets were cautious as the top U.S. cryptocurrency exchange, Coinbase Global , said it could take a financial hit of up to $400 million due to a cyberattack.
Bitcoin rose 1.6% to $104,014.5 by 01:50 ET (05:50 GMT).
The token surged nearly 10% last week, reaching above $105,000, but some profit-taking and a cautious U.S. economic outlook stalled the rally.
Still, Bitcoin remained supported above the key $100,000 level on optimism over easing trade tensions.
Soft PPI, CPI inflation data sparks Fed rate-cut bets
Data on Thursday showed that U.S. producer prices unexpectedly declined in April, driven by the sharpest drop in service costs since 2009.
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