Mubasher: Gold prices settled at a two-week peak on Friday, recording a slight gain for the week on progress in trade talks between the US and China.

US gold futures finished at $1,322.10 per ounce, rising $8.20 or 0.6% for the session.

For the week, gold futures posted a 0.3% gain based on the most-active contract.

By 7:35 pm GMT, gold futures climbed 0.79% to $1,324.30 per ounce, while spot gold rose 0.67% to $1,321.35 per ounce.

Chinese President Xi Jinping praised the US cooperation, saying that the trade negotiations with Washington yielded “important progress.”

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were in talks with Chinese official, including Vice Premier Liu He.

Treasury Secretary Mnuchin also said that trade discussions in Beijing were “productive.”
While US President Donald Trump said that the trade talks with Beijing are going “extremely well,” he said tariffs on Chinese imports could be removed, if both sides reach a trade agreement.

The world’s two largest economies are racing to clinch a trade accord before the 1 March deadline for a “comprehensive” deal.