Gold prices held steady today as markets anticipated the outcome of key US-China trade talks set to take place later in the day, which could ease tensions between the world’s two largest economies. Spot gold inched up 0.1% to $3,313.54 per ounce by 05:43 GMT, while US gold futures dipped 0.4% to $3,333.80.
The talks, involving three senior officials from US President Donald Trump’s administration and their Chinese counterparts in London, aim to address ongoing trade disputes that have shaken global markets.
“Short-term traders are hesitant to make bold moves before the results of the US-China discussions,” said Kelvin Wong, Senior Market Analyst for Asia-Pacific at OANDA. He noted that although tariffs may not be lifted, any reduction in their severity could offer some relief. However, he warned that persistent high business costs in the US and a growing federal deficit could continue to fuel inflation.
On the technical front, Reuters analyst Wang Tao predicted that spot gold may retest the $3,296 level. A drop below that could trigger further decline toward $3,262.
Among other precious metals, spot silver edged up 0.2% to $36.03 per ounce, platinum climbed 1.6% to $1,187.80, while palladium slipped 0.1% to $1,045.61.
