Gold tends to take off the second weekly loss with the tension

Gold is on its way to a second weekly registration for its weekly loss, after the ceasefire agreement between Israel and Iran reduced the demand for safe assets. Gold prices in the early trading in Asia have dropped to about $ 3.315 an ounce to achieve a weekly decline by about 1.5%. The precious metal movement remained within the scope of tight trade this week, with the exception of Tuesday when prices dropped with the ceasefire, after about two weeks of fighting between the two countries. Commercial optimism that increases the appetite for risk, the ceasefire agreement has again in the markets, which continued until Friday, after US Minister of Trade Howard Lootnick said in an interview with ‘Bloomberg’ TV that the United States and China ended a framework for a commercial agreement. However, the details of these potential agreements are still mysterious. Despite the weekly decline, gold has been up more than 25% since the beginning of the year, and it is away from less than 200 dollars of the highest record recorded in April. The metal received support from geopolitical and commercial tensions, as well as strong purchases of central banks, and the increasing expectations that the Federal Reserve is preparing to resume the policy of monetary facilitation, which is a supporting factor for gold that does not generate yields. By 8:30 a.m. Singapore, gold fell 0.4% to $ 3,315.30 per ounce. The Bloomberg index of the dollar increased by 0.1%. Silver prices remained unchanged, while Palladium continued its increase and scored weekly profits by about 10%. In terms of platinum, it rose slightly after reaching its highest level on Thursday.