Gold prices fell yesterday, after China moved to cancel customs duties on some American commodities, but the yellow metal is still heading towards achieving a weekly gain ahead of the US jobs report, which may provide a closer view of the state of the economy.

And gold fell in the spot transactions 0.2% to 1473.16 dollars an ounce (ounce). And US gold futures fell 0.3% to 1478 dollars.

Despite some losses, the precious metal is still heading towards achieving gains for the second week in a row, increasing about 0.7% since the beginning of the week. Gold reached its highest level in a month at 1484 dollars an ounce last Wednesday.

The Chinese Ministry of Finance said that fees for imports of some meat and soybeans coming from the United States will be canceled, indicating a positive move to reduce the escalation in the trade war ahead of an American customs fee that will be applied to Chinese goods as of December 15th. US President Donald Trump said yesterday that trade talks are going well but some in the market are still wary.

The positive comments supported Asian stocks, which put pressure on the yellow metal, which investors tend to prefer in times of political and economic uncertainty.

Gold has gained 15% since the beginning of 2019, which may represent the largest annual increase since 2010, mainly thanks to the trade war.

As for the other precious metals, palladium did not witness any significant change at $ 1871.34, after rising to a record level of $ 1876.54 an ounce the day before yesterday. Platinum settled at 896.63 dollars, while silver fell 0.3% to 16.89 dollars. The two metals tend to record their first weekly drop in four weeks.