Gold retreats on signs of easing US-China trade tension

Gold prices fell back from record highs on signs of easing US-China trade tensions, after a report that Beijing had exempted some US goods from its tariffs.

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The afternoon fixing on Friday in London was $3,277.30 an ounce, compared with $3,305.65 a week earlier and a record $3,500.05 on Wednesday. Thai selling prices were quoted at 52,700 baht per baht-weight (15.2 grammes), up 250 baht from the previous 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.