02:00 PM EDT, 05/09/2025 (MT Newswires) -- (Updates prices.)

Gold prices rose mid-afternoon on Friday following two days of losses as the dollar fell off the highest in a month ahead of trade talks between the United States and China.

Gold for June delivery was last seen up US$40.610 to US$3,346.10 per ounce.

The price of the metal has been mostly in retreat as it fails to challenge the April 21 record high of US$3,425.30, with safe-haven demand easing as the United States readies to stage trade talks with China over the weekend. On Thursday, the U.S. reached a framework for a trade deal with the United Kingdom.

"Gold looks rangebound for now after struggling above USD 3400 earlier in the week in response to an improved risk sentiment amid easing trade tensions which has given the equity market a boost," Saxo Bank noted.

Friday's rise is supported by a weakening dollar. The ICE dollar index was last seen down 0.34 points to 100.3, after rising to the highest since April 10 on Thursday.

Treasury yields were mostly steady, with the U.S. two-year note last seen paying 3.885%, up 0.1 basis points, while the yield on the 10-year note was down 0.6 points to 4.375%.