Gold futures settled with a gain on Thursday, finding support from some weakness in the U.S. dollar, but prices for the metal then eased back following the release of minutes from the Federal Reserve’s June meeting.
August gold GCQ8, -0.03% rose $5.30 or 0.4%, to settle at $1,258.80 an ounce—the highest finish since June 26, according to FactSet data. The move follows a 1% Tuesday rebound that helped the yellow metal claw back some losses that drove futures to the lowest levels of 2018. For the week, bullion prices traded 0.6% higher. The most popular fund tracking gold, the SPDR Gold Shares GLD, +0.34% meanwhile, was up about 0.3% this week.
Minutes from the Federal Reserve’s June meeting, released after the Comex settlement, offered no inclination to pause plans for further interest-rate hikes, and gold edged down from its settlement level to around $1,257 in electronic trading.
Equities often trade inversely to gold, with stock benchmarks rising even as a Chinese official warned earlier Thursday that planned U.S. tariffs on Chinese products—a portion of which is set to take effect in less than 24 hours—could potentially ripple throughout the globe.
But “the U.S. is firing shots to the world, including to itself,” said Gao Feng, a spokesman for China’s Commerce Ministry.
In Europe, which saw the Stoxx Europe 600 index SXXP, +0.41% also climb, German Chancellor Angela Merkel said the country was willing to cut import tariffs on cars as a way to end the Europe-U.S. trade standoff.
Concerns about fraying relationships between the U.S. and its longstanding trade partners in the European Union, North American and China, have helped strengthen the dollar and have weighed on commodities priced in