Gold rose slightly in the European session on Friday, in attempts to rebound from the 5-week low it hit yesterday, but still on way for its first weekly loss in a month on weak safe-haven demand and robust dollar performance against a basket of currencies.

Gold fell by 0.3% to $1,472.79 an ounce, after opening at $1,467.94, with a session-low of $1,465.72.

The yellow metal closed lower by 1.5% yesterday, to mark its third daily loss in 4 days, after it hit a 5-week low of $1,460.57 after the US dollar surged.

During this week, gold prices have lost 2.7% so far, on way for its first weekly loss in a month and the largest weekly loss since April 2017.

Otherwise, the US dollar rose by 0.1% on Friday, to extend its gains for the fifth straight day, and head to a 3-week high of 98.23 points, to reflect the US currency robust performance against a basket of currencies.

This broad rally by the US dollar is due to the recent developments about the US-China trade deal, and the strong US services sector data during October.

With the trade war risks receding and the continued positive data, it's unlikely that the US Federal Reserve will cut the interest rates for the fourth during this year.

Demand on safe havens has weakened sharply this week due to the positive developments in the US-China trade talks and the near signing of the first phase trade deal.

These developments improved the risk appetite as investors shifted to higher-yielding assets, with the US stocks jumping to fresh all-time highs, and the European hitting 4-year highs.

Gold holdings at the SPDR Gold Trust, fell on Friday by 1.47 metric tonnes, with a total of 914.38 Mt (the lowest since September 23rd).

European stocks fell in Friday's early trading, to head for the first daily loss in the last 6 sessions, on marked profit-taking activity from the 4-year highs hit yesterday, in addition to renewed concerns about the collapse of the trade talks between China and the US.

Stoxx Europe 600 fell by 0.3% as of 08:35 GMT, as it closed higher by 0.4% yesterday, in its the fifth straight daily gain and hit the highest level since July 2015, on hopes about the continuous positive developments in the US-China trade talks.

The index opened today's session lower, on the cusp of its first daily loss in the last 6 days, on marked profit-taking activity from the 4-year high it hit yesterday, with most of the major European exchanges and sectors seeing red today.

The mining sector saw the largest losses in Europe, with a drop by 1.2%, on the  renewed concerns over the US-China trade war.

The Chinese Ministry of Commerce stated on Thursday that the US and China agreed over the last two weeks to eliminate the tariffs, and a White House spokeswoman told Fox News that Washington and Beijing will reach a trade agreement very soon.

But the latest update regarding the matter on Friday is that the tariffs removal plan faces opposition in the White House and from outside advisers, according to Reuters from informed sources.

The sources added that the idea was not part of the October agreement between President Trump and Chinese Vice Premier Liu He.

S&P 500 futures fell by 0.2% today, ahead of Wall Street opening, while the index closed higher by 0.3% yesterday, jumping to its all-time high of 3,097.77 points.

Back to Europe, the Euro Stoxx 50 index fell by 0.3%, the German DAX fell by 0.3%, with France's CAC 40 falling by 0.4%, and in London, the FTSE 100 fell by 0.3%

The major Asian stocks indices opened mixed but mostly higher on Friday, as the Japanese, Chinese and New Zealand stocks were rose, while the Australian stocks, Hong Kong's Hang Seng and the South Korean Kospi index fell, after the release of several key data, as the markets parse the recent commentary by officials from the US and China about the trade deal next month which will include the elimination of tariffs on each other's goods.

The Japanese economy released its annual reading of the Household Spending Index, which showed a growth to 9.5% vs. 1% in August, higher than forecasts of 7.1%, with annual average wages index rising by 0.8% vs. a decline by 0.1% in August, beating forecasts of 0.1%. 

The Reserve Bank of Australia decided on its November 5th meeting on Tuesday to keep the short-term interest rate at 0.75%, its all-time low, with the release of Home Loans index reading which declined to 1.4% vs. 2.7% in August, and lower than forecasts of 2.1%.

The General Administration of Customs of China (CGAC) revealed the Trade Balance reading which showed the surplus widened to 301 billion yuan ($42.8 billion) vs. 275 billion yuan ($39.7 billion) in September, higher than forecasts of a surplus to 287 billion yuan ($40.6 billion), but both the exports and imports contracted more than expected.

The Chinese Ministry of Commerce spokesman, Gao Feng, stated on Thursday that Beijing and Washington agreed to cancel some tariffs based on each other's goods at the same time, and added that the two sides are close achieve "Phase 1" agreement within in the next two weeks.

According to a Reuters report, a US official also confirmed that the US and China have agreed to eliminate tariffs, and added that the plan faces opposition in the White House, hours after Tuesday's reports about the delay of signing the first phase of the trade agreement to next month.

Several reports recently showed the upcoming meeting between President Trump and Chinese leader Xi Jinping may get delayed until next December, amid intensive calls between the two countries reviewing the final terms of the deal and the meeting location, with various proposal for signing the deal during the next NATO meeting early next month.

The Japanese stocks were higher today, as Topix rose by 0.16% or 2.80 points to 1,700.93, and Nikkei 225 rose by 0.19% or 44.77 points to 23,375.09.

The Chinese stocks also rose during the sessions, as the CSI 300 index rose by 0.42% or 16.82 points to 4,008.70, and the Shanghai Composite index rose by 0.35% or 10.53 points to 2,989.24.

Hong Kong's Hang Seng Index fell by 0.44% or 121.19 points to 27,726.04, and South Korea's Kospi fell by 0.25% or 5.27 points to 2,139.02.

To New Zealand's NZX 50, which rose by 0.76% or 81.92 points to 10,876.98, while the Australian S&P/ASX 200 fell by 0.24% or 16.13 points to 6,710.50.

The major US stocks indices closed higher on Thursday, on the renewed trade hopes after news about a near agreement between the US and China to gradually remove the tariffs on each other's goods.

The Chinese Ministry of Commerce stated that the signing of the first phase trade deal with the US will be held between the two countries' presidents within next few weeks, likely in December. 

Experts however still have doubts about the ability of US and Chinese officials to secure a final trade deal for the long term.

The US Labor Department that unemployment claims fell by 8,000 to 211,000 during the last week.

To oil market, West Texas Intermediate (WTI) rose by 1.4% to settle at $57.15 a barrel, with a session-high of $57.8 and a low of $56.2.

Brent rose by 0.9% to $62.29 a barrel, with a high of $62.8 and a low of $61.6.

As for stocks, Dow Jones rose by 0.6% or 182 points and closed at 27,675 points, with an intraday high of 27,774 and a low of 27,590.

Nasdaq rose by 0.3% or 24 points to 8,434, with high of 8483 and a low of 8415.

S&P 500 rose 0.3% or 8 points to close at 3,085, with high of 3,097 and and a low of 3,080.