Gold

Gold firmed 0.1 percent to $1,298.11 per ounce on Friday as a rise in risk aversion ahead of G7 talks this weekend lent support, but the yellow metal remained hemmed within its narrowest weekly range since August 2007 as a recovery by the dollar capped gains.

Expectations that the Federal Reserve will announce another U.S. interest rate hike next week also pressured gold. Higher rates lift the opportunity cost of investing in non-yielding assets, such as bullion.

French President Emmanuel Macron and U.S. President Donald Trump had a brief “very cordial” discussion about trade and North Korea, a French official said on Friday.

German Economy Minister Peter Altmaier called on Friday for Europe to remain unified in the face of rising trade tensions with the United States, saying it was unclear how a summit of the Group of Seven rich nations would end.

British Prime Minister Theresa May on Friday warned both U.S. President Donald Trump and the European Union of the dangers of entering a tit-for-tat trade war over tariffs, urging both sides to instead focus on China’s excess steel production.

Leaders from the Group of Seven countries are highly unlikely to issue a final communique when a two-day summit in Canada ends on Saturday because of a lack of consensus among the group, who are deeply divided over trade issues.

Silver

Silver was on track for a 2.3 percent rise for the week, its biggest in seven weeks. On the daily chart, silver rose for the forth consecutive day, hitting $16.89 during the session after crossing over the peak of $16.83 touched on May 11.

On the weekly chart, silver moved away from the narrow range formed since May, but was still trapped within the long-term triangle range under the monthly resistance of $16.90. Investors shall closely watch the moves around the level.

 
Dealing Room, ICBC Beijing Branch
                       Lv Yan