Gold rises, heads for biggest weekly loss in 2 months

Gold bars

Gold prices rose on Friday, but remain on track for their worst weekly performance in over two months, as demand for safe-haven assets weakened amid easing trade tensions.

Gold futures for June delivery climbed 1.2%, or $38.70, to $3,260.90 an ounce as of 8:13 am KSA time.

Spot gold rose 0.33% to $3,250.90 an ounce, though it's still headed for a weekly loss of more than 2%—the largest since late February.

Silver futures for June delivery also gained 1.31% to $32.75 an ounce, while spot platinum slipped 0.55% to $961.40.

Gold was supported by a decline in the US dollar index—which measures the greenback’s performance against a basket of six major currencies—down 0.2% to 100. However, the index is still on track for its third consecutive weekly gain.

China signaled openness to trade negotiations with the US, with the Ministry of Commerce noting that top US officials had expressed willingness to discuss tariffs—suggesting a possible easing of trade tensions.

Meanwhile, investors are awaiting today’s US non-farm payrolls report, with a Reuters poll forecasting the addition of 130,000 jobs in April.