Gold Prices Move Lower as Sentiment Recovers

Investing.com – Gold prices moved lower on Friday, as market sentiment improved following news of an upcoming meeting between the U.S. and North-Korean leaders and as concerns over a potential global trade war slightly eased.

Comex were down 0.20% at $1,319.2 a troy ounce by 02:20 a.m. ET (06:20 GMT).

Market sentiment was boosted after U.S. President Donald Trump on Thursday announced his willingness to to meet North Korean leader Kim Jong Un before May, with hopes of achieving “permanent denuclearization”.

South Korea’s National Security Office said Kim “expressed eagerness to meet President Trump as soon as possible” and that the North-Korean leader pledged to “refrain from any further nuclear or missile tests” while talks are underway.

Meanwhile, concerns over a potential global trade war due to U.S. tariffs on steel and aluminum imports eased after President Trump signed a more tempered version of the plan on Thursday.

Trump the imposition of 25% tariffs on steel imports and 10% for aluminium but announced exemptions for Canada and Mexico and left the door open for exceptions for other countries.

Japan reacted to the news by sayong the move would have a “big impact” on the countries’ close bilateral ties, while China said it was “resolutely opposed” to the decision. South Korea said it may file a complaint to the World Trade Organization.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 90.14, the highest since March 1.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

Market participants were looking ahead to the monthly due later Friday, for further indications on the strength of the job market after data on Thursday showed that initial jobless claims last week.

Elsewhere on the Comex, fell 0.27% to $16.45 a troy ounce.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.