WASHINGTON (dpa-AFX) - Treasury yields gained and the dollar edged up on Friday, pushing gold prices down around 1 percent to around $3,300 per ounce.
Spot gold fell 1.2 percent to $3,308.34 per ounce in early European trade and looks set to close off the week in the red. U.S. gold futures were down 1 percent at $3.315.14.
The dollar index jumped at the end of a volatile week and was eyeing a weekly rise after U.S. President Donald Trump said that his administration was talking with China on trade.
Beijing said no trade talks are underway with the U.S., but the latest reports suggest that China may exempt tariffs on some U.S. imports.
China has granted some tariff exemptions on American imports and is considering lifting other duties, the Financials Times reported, citing the local U.S. business lobby group.
Meanwhile, traders shrugged off comments from top Fed officials that the U.S. central bank could respond to signs of economic weakness and lower rates as early as June.
Fed governor Christopher Waller told Bloomberg on Thursday that he'd support rate cuts in the event aggressive tariff levels hurt the jobs market.
Separately, Cleveland Federal Reserve President Beth Hammac told CNBC that heightened uncertainty is weighing on businesses and the Fed will move quickly if it needs to.
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