Gold Shows Strong Move Back The Upside As U.S. Dollar Slips

(RTTNews) - Gold futures showed a strong move to the upside during trading on Friday, regaining ground following the sharp pullback seen over the previous sessions.

Gold for May delivery jumped $38.80 or 1.2 percent to $3,335.40 an ounce but still closed well off the record closing high of $3,411.40 an ounce set on Tuesday.

The price of gold surged by $103.50 or 3.2 percent for the week, snapping a two-week losing streak due to the sharp increases seen to start the week.

The rebound by the price of the precious metal came amid a pullback by the value of the U.S. dollar, with the U.S. dollar index slipping by 0.3 percent after reaching its highest levels in a month during Thursday's session.

Gold also benefitted from its appeal as a safe haven amid lingering uncertainty about trade ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland this weekend.

A Bloomberg report citing people familiar said the U.S. is hoping to slash its China tariffs to below 60 percent from the current level of at least 145 percent during the weekend talks.

However, President Donald Trump said in a post on Truth Social that a higher "80% Tariff on China seems right."

While Trump also said many trade deals are "in the hopper," traders remain cautious even after yesterday's announcement of the framework of a U.S.-U.K. trade deal.