WASHINGTON (dpa-AFX) - Gold ticked lower on Friday and was on track for its second consecutive weekly loss as a ceasefire between Israel and Iran dented demand for havens.
Spot gold fell 1.3 percent to $3,285.73 per ounce in European trade and was down more than 2 percent for the week.
U.S. gold futures were down 1.5 percent at $3,299.56 despite a weaker dollar and expectations of more Fed rate cuts this year.
The ongoing pressure on bullion stems from easing geopolitical tensions following a ceasefire agreement between Israel and Iran.
The fragile truce, announced by U.S. President Donald Trump momentarily silenced the 12-day exchange of fire between the two countries.
Investors also watched the latest developments on the tariff front, with U.S. President Donald Trump announcing a trade deal with China on rare earths and hinting at a major upcoming deal with India.
Confirming the reports, Beijing said Washington would lift 'restrictive measures' while Beijing would 'review and approve' items under export controls.
Trading later in the day may be impacted by reaction to a report on U.S. personal income and spending, which includes the Federal Reserve's preferred readings on consumer price inflation.
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