Gold hits 1-week high, posts weekly gain

Gold prices rose on Friday as the US dollar fell against most currencies, the US and China announcing that they reached the phase one of the trade deal.

The Trump administration announced that they officially agreed on the terms of the phase one of the final trade deal and started immediately to negotiate the phase two.

President Donald Trump revealed that he had decided to cancel the tariffs hike decision against China, which was due next Sunday, but the current tariffs against China will remain.

Washington and Beijing welcomed the trade deal, noting a mutual desire to end the trade dispute, and Trump stated that China would pledge buying a certain amount of US farm goods.

The dollar index fell against a basket of currencies by 0.2% to 97.2 points as of 19:03 GMT, and hit an intraday high of 97.2 and a low of 96.7.

Gold futures (February delivery) rose by 0.6% to close at $1,481.2 an ounce, and posted weekly gains of 1.1%, with a high of $1,482.3 and a low of $1,465.5.