Published Fri, May 9, 2025 · 10:01 AM
[BENGALURU] Gold prices firmed on Friday (May 9), as investors bought bullion following a decline in the previous session, while markets looked ahead to US-China trade talks due this weekend.
Spot gold rose 0.1 per cent to US$3,309.39 an ounce, as at 0024 GMT. US gold futures firmed 0.3 per cent to US$3,314.20.
Spot gold fell nearly 2 per cent in the previous session, when prices hit a low of US$3,288.39 after US President Donald Trump announced a trade deal with the UK.
Trump and British Prime Minister Keir Starmer announced a “breakthrough deal”. A 10 per cent tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8 per cent from 5.1 per cent and provide greater access to US goods.
The US announced on Tuesday that Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet with China’s top economic official on Saturday in Switzerland.
Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.
Several Federal Reserve officials are due to speak later in the day for further insights into the economy and the Fed’s policy path. This comes after Fed held interest rates steady on Wednesday and warned of rising inflation and unemployment risks.
On geopolitical front, Blasts rang out across the Indian city of Jammu late on Thursday during what the government said was a Pakistani drone and missile attack on military stations around the Kashmir region on the second day of clashes between the nuclear-armed neighbour.
Spot silver fell 0.4 per cent to US$32.37 an ounce, platinum rose 0.5 per cent to US$980.62 and palladium fell 0.3 per cent to US$973.04. REUTERS
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