Gold Prices Ease As Dollar Recovers
Gold prices eased on Friday as a strengthening of the dollar made bullion more expensive for buyers holding other currencies.
Spot gold dropped 0.3 percent to $1,879.16 per ounce but was up more than 2 percent for the week. U.S. gold futures were down 0.4 percent at $1,883.75.
The dollar recovered slightly from a week-long beating amid fresh U.S.-China tensions, doubts over a post-Brexit trade deal and the months-long stalemate on an economic aid package in the United States.
The United States is adding dozens of Chinese companies, including the country’s top chipmaker SMIC, to a trade blacklist today, Reuters reported, citing people familiar with the matter.
Hopes of a post-Brexit trade deal dimmed as Britain and European Union negotiators played down expectations a deal will be reached.
Speaking in the European Parliament, Michel Barnier, the EU’s chief negotiator said it was “the moment of truth” for the two sides to come to an agreement.
European Commission President Ursula von der Leyen said bridging “big differences”, particularly on fishing rights, would be “very challenging” while Prime Minister Boris Johnson said discussions were in a “serious situation”.
On the stimulus front, U.S. lawmakers continued negotiations to clinch a deal for a new stimulus package, with Senate Majority Leader Mitch McConnell saying talks could spill into the weekend.