old prices edged lower on Friday as the yellow metal’s safe-haven appeal faded a bit amid fresh optimism about a potential U.S.-China trade deal following comments from White House officials.
White House economic adviser Larry Kudlow said on Thursday that U.S. and Chinese negotiators are in contact every single day and are “getting close” to a deal.
Gold prices retreated even as the dollar shed ground against the euro and pound sterling amid optimism about trade negotiations.
The dollar index was down by about 0.19% at 97.98.
Gold futures for December ended down $4.90, or about 0.3%, at $1,468.50 an ounce.
On Thursday, gold futures for December ended up $10.10, or 0.7%, at 1,473.40 an ounce.
For the week, gold futures gained about 0.4%.
Silver futures for December ended down $0.080 at $16.948 an ounce, while Copper futures for December settled up $0.0165 at $2.6380 per pound.
Speaking at the Council on Foreign Relations, Kudlow said, “It’s not done yet, but there has been very good progress and the talks have been very constructive.”
Commerce Secretary Wilbur Ross said the talks are “down to the last details” and a deal will be completed “in all likelihood.”
Adding to the positive sentiment, China has lifted a nearly five-year ban on imports of U.S. poultry in a goodwill gesture that could lead to more than $1 billion in annual shipments to China.
In economic news, data released by the Commerce Department showed retail sales in the U.S. climbed by 0.3% in October, reversing the 0.3% drop in the previous month. Economists had expected retail sales to rise by 0.2%.