Gold Pulls Back Sharply, Snaps Two-Week Winning Streak

(RTTNews) - On the heels of the notable rebound seen in the previous session, gold futures showed a significant move back to the downside during trading on Friday.

Gold for April delivery tumbled $49.60 or 1.5 percent to $3.282.40 an ounce after surging $55.70 or 1.7 percent to $3,332 an ounce during Thursday's session.

With the sharp pullback on the day, the price of the precious metal slid $26.30 or 0.8 percent for the week, snapping a two-year week winning streak.

Gold futures gave back ground amid signs of easing trade tensions between the U.S. and China, with President Donald Trump refuting China's claims that the two countries have not held any trade negotiations.

"They had a meeting this morning," Trump told reporters on Thursday. "It doesn't matter who 'they' is. We may reveal it later, but they had meetings this morning, and we've been meeting with China."

Several reports citing U.S. businesses also said China has exempted some U.S. imports from its 125 percent tariffs

On the U.S. economic front, a report released by the University of Michigan showed consumer sentiment in the U.S. deteriorated modestly less than previously estimated in the month of April.

The University of Michigan said its consumer sentiment index for April was upwardly revised to 52.2 from a preliminary reading of 50.8. Economists had expected the index to be unrevised.

Despite the upward revision, the consumer sentiment index is still down sharply from 57.0 in March and marks its lowest level since hitting 51.5 in July 2022.