Gold Heads for Weekly Loss as Trade Talks Help Ease Haven Demand
(Bloomberg) -- Gold headed for its second straight weekly loss as progress on global trade talks and rising US consumer sentiment helped reduce the appeal for the safe-haven asset.
US consumer sentiment rose sharply in June to a four-month high and inflation expectations improved notably as concerns eased about the economic outlook and personal finances. Meanwhile, the European Union and the US are confident they can clinch some form of a trade agreement before a July 9 deadline, while China confirmed details of a trade framework with Washington.
Progress on the trade front helped improve investor sentiment for risk assets such as equities while sapping haven demand for gold. The precious metal fell by as much as 2.2% to $3,255.94 an ounce on Friday, the lowest intraday level since May 29. Shares of precious metals miners also fell, with Agnico Eagle Mines Ltd. down as much as 5.9% and Anglogold Ashanti Plc falling 6.3%.
Bullion remains up nearly 25% this year and is more than $220 away from its record high reached in April. Along with geopolitical and trade tensions, it has been supported by robust central-bank buying and increased optimism that the Federal Reserve is preparing to resume monetary easing.
Platinum plunged as much as 6.8% Friday, erasing some of the gains the white metal has seen this week. Prices have been volatile in recent months, hitting the highest level in more than a decade on Thursday, as the London and Zurich spot market grapples with tight availability, evidenced by forward prices trading well below spot.
Gold was down 1.6% to $3,274.83 as of 11:57 a.m. in New York, on pace for a weekly loss of 2.8%. The Bloomberg Dollar Spot Index was little changed. Silver also fell while palladium was flat.
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