Gold prices dip on easing US-China trade tensions

Gold prices fell 2.0 per cent on Friday and were on track for a weekly dip as the dollar rose and signs of easing US-China trade tensions after a report that Beijing had exempted some US goods from its tariffs weighed on bullion.

Spot gold was down 1.7 per cent at $3,292.99 an ounce as of 1:39 a.m. EDT (1739 GMT) on Friday, after it fell as much as 2 per cent earlier in the session. Bullion is down 1.2 per cent for the week.

"The apparent detente on tariffs is negatively affecting gold prices ... But so far we've not seen substantial liquidations," said TD Securities commodity strategist Daniel Ghali.

China is considering exempting some US imports from its 125 per cent tariffs and is asking businesses to identify goods that could be eligible, according to the businesses notified.