Gold prices remained largely unchanged in early Asian trading today, with investors awaiting key economic decisions later in the week.
Market participants are watching closely for progress in U.S.-European Union trade negotiations and the outcome of the European Central Bank’s (ECB) upcoming policy meeting.
As of 0105 GMT, spot gold edged up by 0.1% to $3,353.81 per ounce, while U.S. gold futures remained flat at $3,360.50 per ounce.
The market is particularly attentive to the August 1 deadline set by U.S. President Donald Trump for a potential trade agreement with the EU. U.S. Commerce Secretary Howard Lutnick expressed optimism that a deal could be reached in time, reports news agencies.
Meanwhile, the ECB is widely expected to keep its benchmark interest rate unchanged at 2.0% during its meeting this week, following a series of rate cuts earlier this year.
In the U.S., Federal Reserve Governor Christopher Waller reiterated last week that he favors a rate cut at the Fed’s upcoming meeting. Lower interest rates generally benefit gold, which is considered a safe haven during times of economic uncertainty.
Among other precious metals, spot silver climbed 0.2% to $38.24 per ounce, platinum gained 0.4% to $1,427.05, and palladium increased 0.6% to $1,248.50.
