Gold lands amid optimism about trade negotiations

Gold prices decreased, Friday; The demand for safe haven has affected indicators of progress in the negotiations between the United States and its trading partners, but the dollar in general decreased limiting the precious metal losses.

By 0243 GMT, gold lost 0.1 percent, to land to $ 3363.91 an ounce, but the metal earned 0.4 percent so far this week. US gold futures fell 0.2 percent to $ 3365.50.

“We are essentially witnessing some of the profits of the profits,” said Corphen Wong, chief market analyst in “Uanda”. Since we are now starting to see this optimism in the market. ” He added, “However, the dollar is in the direction of retreat. Moreover, we still have expectations to reduce American interest rates at this stage, and they support gold near the level of $ 3360. ”

Two European diplomats said that the European Union and the United States are in the process of concluding a trade agreement that would lead to the imposition of public customs duties by 15 percent on the European Union commodities to the United States, after Washington concluded an agreement with Japan.

The Standard & Poor’s 500 and NASDAC index ascended to record levels at closing, Thursday; Evidence of global trade tension has reinforced the morale of risk among investors.

On the other hand, the dollar index is heading to its worst week in a month; What makes the American currency price less expensive for other currencies.

The data showed that the US unemployment applications decreased unexpected last week; What indicates the stability of the labor market despite the slowdown of employment; What makes it difficult for job seekers to find a job.

The Federal Reserve is likely to keep interest rates unchanged in its meeting, which will be held on July 29 and 30, and markets see as a possibility of reducing interest rates in September.

For other precious metals, silver in instant transactions increased 0.2 percent at $ 39.14 an ounce, on its way for weekly gains of 2.5 percent. Platinum fell 0.2 percent to $ 1407.10, and redeemium advanced 0.9 percent to $ 1238.73.