Concerns in market sentiment pushed gold to re-enter the $3,400 level at the end of the week as investors were more inclined to sell the US dollar.
At 9.40 am, the price of gold was at $3,431.08, up 1.36% since it opened early Friday trading in the Asian session.
The US dollar currency has declined significantly since Wednesday trading after US President Donald Trump expected negotiations with China to be final while explaining that the decision was subject to the approval of Chinese President Xi Jinping.
In addition, the release of May Consumer Price Index (CPI) data that moved softer than expected and fueled US economic confidence.
The greenback declined in mid-week in line with news of Middle East tensions between Israel and Iran. Israel is preparing an operation against Iran while seeking support for a joint response from the United States.
In addition, nuclear negotiations between the US and Iran are seen as quite difficult when Donald Trump added that he wants to avoid conflict. However, war talks with Iran have reached a deadlock that could trigger a major attack.
In addition, the trade war situation is becoming increasingly worrying as Donald Trump is set to extend the July 8 deadline for each country to come to discuss trade and he is prepared to impose unilateral tariffs on several trading partners.
