Gold slips but is on track for small gains for the week on a softer dollar
London — Gold slipped on Friday ahead of key US payrolls data and as global equities stood firm, though it was on course for slight gains for the week as the dollar drifts lower amid escalating China-US trade tensions. US tariffs on $34bn worth of Chinese goods took effect on Friday, while China’s commerce ministry said it had been forced to retaliate, meaning $34bn worth of imported US goods also face 25% tariffs. The imposition of the tariffs was absorbed calmly by markets, with stocks edging higher. Rising stock markets, seen as risky assets, tend to weigh on gold, seen as a safe haven asset in times of economic or political upheaval. "It’s mainly the dollar that’s supporting gold this week, the dollar has stopped going up and there’s hesitation before the jobs report," said Fawad Razaqzada, an analyst at FOREX.com. He added, however: "Global stocks are not exactly slumping, [possibly] because this [trade war has been] priced in." Spot gold was 0.3% lower at $1,254.48 an ounce at...
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