Mubasher: Gold prices fell on Friday as risk-taking sentiment was dragged down by remarks from White House economic adviser Larry Kudlow that the US is “getting close” to an interim trade deal with China, according to Reuters.

By 8:05 am GMT, spot gold fell by 0.47% to $1,464.53 per ounce, yet it remained on course to record a weekly gain of more than 0.4%, while US gold futures dropped by 0.58% to $1,464.80 per ounce.

“There is optimism in the market that the first phase of the trade deal will be signed soon [so] gold and silver prices are falling,” Mumbai-based Anand Rathi Shares & Stock Brokers analyst Jigar Trivedi was quoted by Reuters.

The US dollar steadied against major currencies, pulling the yellow metal down.

The dollar index, which gauges the greenback against six key rivals, blipped up by 0.03% to 98.1880.

Anand Rathi’s analyst expected gold prices could fall to $1,420.

On the other hand, DailyFx senior strategist Ilya Spivak still see bullish factors for the bullion including risks related to the political and economical issues such as Brexit, Hong Kong as well as trade talks.

Such issues are “too great for something not to go wrong,” and thus, those risks will still lend support to the precious metal.

In Hong Kong, protests paralysed parts of the city state for the fifth day, prompting school shutdowns, blocking highways and other transport links.

In the meantime, markets are awaiting the US retail sales and industrial production reports for October due later in the day.