US-China trade spat benefits gold

The US dollar was struggling against a basket of six major currencies, having fallen off a two-year peak in the previous session due in part to the US-China trade dispute, making gold cheaper for holders of non-US currencies.

Gold may retest a resistance at $1,290 an ounce, a break above which could lead to a gain to the next resistance at $1,295, according to Reuters technical analyst Wang Tao.

Meanwhile, hedge funds and money managers sharply reduced their net long positions in Comex gold in the week to May 21, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Among other precious metals, silver rose 0.4% to $14.62 per ounce, while palladium fell 0.3% to $1,330.40.

Platinum fell 0.3% to $799.13 an ounce.

Reuters