Gold finished higher Friday to end the week with the first gain in nearly a month, as President Donald Trump announced more sanctions on Iran and China cut short its trade negotiations with the US.
Trump had promised earlier in the week to impose new Iran sanctions in retaliation for Tehran’s alleged role in strikes on Saudi Arabian oil facilities last weekend.
Trump also said Friday that he was looking for a “complete” trade deal with China and it didn’t need to come before the 2020 Presidential election.
Reports later confirmed said that a Chinese delegation canceled plans to visit farms in Montana as part of its trade talks with the US The Chinese agriculture officials will return to China sooner than originally scheduled.
As a result, Comex gold for December delivery rose $US8.90, or 0.6%, to settle at $US1,515.10 an ounce, after a 0.6% slide on Thursday after the Fed cut its key rate and US economic data was better than expected.
That saw gold gain 1% over the week which ended three consecutive weekly declines. Prices had ended last week below the significant support level of $US1,500.
Comex December silver lost 3.5 cents, or 0.2%, to end the week at $17.869 an ounce. But the metal still held on for a weekly gain of 1.6%.
Among other Comex metals, December copper lost half a cent to end a losing week at $US2.6065 a pound. That was a substantial weekly loss of 3.5%.
