Gold moved weakly at the end of the week after news of a phone call between US President Donald Trump and his Chinese counterpart Xi Jinping that was positive for both sides on trade issues.
At 9.40 am, gold prices were at $3,363.61, up 0.32% since it opened early Friday trading in the Asian session.
Through a close reference, Donald Trump revealed that the call between the two world leaders was positive and that he considered the complexity in the trade of ‘Rare Earth’ products should not be further magnified.
He also said that the US and Chinese teams will meet at a location to be determined. The news caused a moderate decline in gold prices and improved risk appetite even though US economic data disappointed investors, which strengthened expectations for the Fed to ease its policy this year.
The US Bureau of Statistics revealed that employment figures weakened as the number of Americans filing for unemployment increased.
Other data showed that the trade deficit narrowed in April.
For now, gold investors are focusing on the Non-Farm Payrolls (NFP) figures due out on Friday. If the output remains strong, gold is likely to move lower as the USD gains on economic support.
