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Gold heads for weekly loss amid easing trade tensions
Gold prices fell slightly on Friday, heading for a second consecutive weekly loss after easing trade tensions between the United States and China and the release of US data that showed a resilient labor market.
Spot gold fell 0.2% to $3,233.30 per ounce.
Prices fell 2.6% for the week after hitting a record high of $3,500.05 on April 22. On Thursday, gold hit its lowest level since April 14.
U.S. gold futures rose 0.6% to $3,241.70 per ounce.
China's Ministry of Commerce said the United States has repeatedly expressed its willingness to negotiate tariffs and that Beijing welcomes talks.
In the latest economic data, the U.S. Labor Department said on Friday that nonfarm payrolls increased by 177,000 jobs last month. Economists polled by Reuters expected a 130,000 jobs gain.
However, it's too early for the labor market data to reflect the implications of President Donald Trump's trade policy.
After the jobs report, traders reduced their bets that the Federal Reserve would cut interest rates in June.
The yield on the benchmark 10-year U.S. Treasury note rose. Higher interest rates tend to make non-yielding gold less attractive to investors.
