Gold prices fell on Friday, heading for big weekly losses. Investors were more confident and less interested in safe-haven assets like gold as trade tensions between the US and China eased.
Gold fell sharply from its recent highs as traders took profits. A strong US dollar and rising Treasury yields have caused such a change in gold prices. This week, gold prices fell more than 3%, which is considered the biggest drop since early November 2024.
Earlier this week, the US and China agreed to temporarily reduce trade tariffs, which eased a long-running trade conflict. The agreement raised hopes for further progress and more trade deals with other countries. As a result, investors began buying riskier assets.
However, by Friday, although gold was still trading above $3,000 an ounce, the trend is slowing. Copper prices, a key industrial metal, fell on Friday. U.S. copper futures fell 1.9% to $4.5935 a pound, while London Metal Exchange prices were down 1% to $9,489 a tonne.
