FX.co ★ Gold Set for Weekly Loss

Gold prices remained steady at approximately $3,230 per ounce on Friday, maintaining proximity to a two-week low and poised for a second consecutive weekly decline. This trend has been influenced by indications of easing trade tensions, which have reduced the demand for safe-haven assets. China has expressed intentions to potentially initiate trade discussions with the United States, fostering optimism for reduced hostilities between the two major economies. This development follows President Trump’s comments suggesting the possibility of striking trade agreements with India, Japan, and South Korea, while also asserting a "very good chance" of an agreement with China. Earlier in the week, President Trump also issued an executive order aimed at alleviating some tariffs on automobiles and auto parts. Additionally, recent data revealed that the U.S. economy experienced contraction in the first quarter, with the PCE price index remaining stagnant in March. Investors are now turning their attention to the upcoming release of the nonfarm payrolls report on Friday for further insights into the Federal Reserve’s policy direction.