Gold hardly changed as softer dollar counters risk-on trade

Bengaluru — Gold prices were steady on Friday as a weaker dollar helped offset pressures from an increased appetite for riskier assets after reports of a breakthrough in Sino-US trade negotiations, while palladium scaled a fresh peak.

Sources said on Thursday US negotiators were offering to cut existing tariffs on Chinese goods by as much as 50% and suspend the new tariffs scheduled to go into effect on Sunday in an attempt to secure a “Phase 1" deal first promised in October. US stocks surged to record highs, while Asian equities rose to an eight-month peak, making safe-haven risk-off assets such as gold less appealing. However, the dollar was hovering close to its lowest since early-July hit in the previous session, which made gold cheaper for investors holding other currencies.

Bullion gained after data from the US showed “higher-than-expected jobless claims” and any signs of weakness in the economy “likely to elicit support for gold,” Hynes said.

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