(RTTNews) – Gold prices traded lower on Friday and headed for a weekly loss due to lingering uncertainty over U.S.-Iran peace negotiations and Fed rate hike worries.
Spot gold slid 0.2 percent to $4,465.13 an ounce and was down nearly 1.6 percent for the week. U.S. gold futures were down 0.3 percent at $4,490.32 on inflation and interest rate worries.
The dollar steadied and was set for a small weekly gain ahead of the U.S. nonfarm payrolls report later in the day, expected to show some moderation in employment growth in May after two straight months of strong gains.
On the geopolitical front, the U.S.-Iran-Israel conflict remained unresolved, despite the ceasefire and diplomacy.
Hezbollah rejected the latest ceasefire agreement between Israel and the Lebanese government, saying the “imaginary ceasefire” would amount to “a surrender, defeat and achieving the enemy’s goals.”
Elsewhere, Israeli ministers also refrained from approving the proposed ceasefire arrangement during a security cabinet meeting.
“Hezbollah opposes it, and therefore I am not bringing it for a decision. If it agrees, I will bring it for your approval,” Prime Minister Benjamin Netanyahu told ministers.
Meanwhile, the Israel Defense Forces (IDF) eliminated Hezbollah’s engineering unit commander Abed Harb, escalating tensions and throwing the future of the truce into an abyss.
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