Gold prices edged lower on Friday but were headed for a third consecutive weekly gain, as the fear over a global economic slowdown and a lack of clarity on the US-China trade war boosted the metal’s safe-haven appeal.
Spot gold was down 0.1% at $1,521/oz as of 4am GMT, but is up nearly 1.6% so far this week after rising in the previous two weeks.
US gold futures were steady at $1,5231/oz. “Gold is consolidating here. The important consideration is that none of the headwinds have gone away; the tariffs got delayed a bit, but the underlying trade war remains and lower yields are supportive for gold,” said Ilya Spivak, senior currency strategist with DailyFx.
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