After declining from its highest record levels, gold is recovering slightly

Gold prices rose slightly today, recovering some of their losses after a sharp decline last week from record levels exceeding $4,300 per ounce, following statements by US President Donald Trump that eased trade tension between the United States and China and pushed investors towards high-risk assets.

The price of gold in spot transactions rose 0.4 percent to reach $4,263.59 per ounce by 02:03 GMT, after falling by about 1.8 percent on Friday, the largest decline since mid-May.

Despite its sharp decline on Friday, gold still recorded its best weekly performance since April, after previously rising to its highest level ever at $4,378.69 per ounce.

US gold futures for December delivery rose 1.5 percent to $4,275.40 an ounce.

Silver rose in spot transactions 0.5 percent to $52.08 per ounce. Prices had fallen by about 4.4 percent in the previous session, which was their largest drop during the session since early April after hitting their highest level ever at $54.47 an ounce.

Gold, which does not generate a return, has risen by more than 60 percent since the beginning of the year, supported by geopolitical tensions and strong bets on lowering US interest rates, in addition to purchases from central banks and the disposal of the dollar, as well as strong flows into exchange-traded funds.

Gold fell sharply on Friday after Trump said that his proposed 100 percent tariffs on Chinese goods would not be sustainable, adding that he would meet with Chinese President Xi Jinping, and that he believed things would be fine with China.

On Friday, HSBC Bank expected that the rise in gold prices would push its prices to $5,000 per ounce in 2026, supported by rising risks and the impact of the entry of new players into the market.

As for other precious metals, platinum fell 1.1 percent to $1,591.55 an ounce, and palladium fell 0.5 percent to $1,467.16 an ounce.