Gold edged lower after two consecutive weekly declines, with demand impeded by a risk-on mood as the White House aims to finalize trade deals with several nations ahead of a July 9 deadline.Bullion fell as much as 0.8% in early Asian trading before paring some losses, as investors weighed progress on the trade front. The European Union and the US believe they can clinch some form of trade agreement in time, Bloomberg News reported Friday, while talks with India, Japan and many others continue.
Bloomberg News has also reported that the US is nearing agreements with Mexico and Vietnam.
Still, if President Donald Trump’s only two other accords — with China and the UK — offer any indication, the pacts likely won’t be fulsome deals that resolve core issues and may leave many specifics to be negotiated later.The precious metal remains up by about a quarter this year and is trading around $230 short of a record high set in April, supported by demand for havens as investors grappled with elevated geopolitical and trade tensions. Still, gold is on track for its first monthly decline in 2025 as concerns about the Middle East conflict ease, and the US economy shows an improvement in consumer sentiment and inflation expectations.
Bloomberg News has also reported that the US is nearing agreements with Mexico and Vietnam.
Still, if President Donald Trump’s only two other accords — with China and the UK — offer any indication, the pacts likely won’t be fulsome deals that resolve core issues and may leave many specifics to be negotiated later.The precious metal remains up by about a quarter this year and is trading around $230 short of a record high set in April, supported by demand for havens as investors grappled with elevated geopolitical and trade tensions. Still, gold is on track for its first monthly decline in 2025 as concerns about the Middle East conflict ease, and the US economy shows an improvement in consumer sentiment and inflation expectations.
Spot gold was down 0.2% to $3,269.16 an ounce as of 8:24 a.m. in Singapore. The Bloomberg Dollar Spot Index slipped 0.1%. Silver and palladium fell, while platinum rose.
Elsewhere, investors were also focusing on Trump’s $4.5 trillion tax-cut bill in the Senate as Republicans seek to convince holdouts to support the legislation for final passage, with a vote set to spill into Monday. The bill’s cost has been a big problem for fiscal conservatives amid concerns that it will further swell the deficit.
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