Gold prices dipped for a second straight session on Monday as U.S.-China trade tensions eased, and the market awaited data due this week.

Spot gold was down 0.6% at $3,297.10 an ounce as of 09:27 a.m. ET (1327 GMT). U.S. gold futures rose 0.3% to $3,307.80.

"Gold prices are still dealing with the improved optimism over a U.S.-China trade deal even though there is a lack of clarity," Zain Vawda, analyst at MarketPulse by OANDA, said.

The hopes that tariff damage was being contained also kept global equity markets at their highest over three weeks.

U.S. President Donald Trump says progress has been made with China, and that he has spoken with President Xi Jinping.

However, Beijing has denied trade talks are occurring and Treasury Secretary Scott Bessent failed on Sunday to back Trump's assertion that tariff talks with China were under way.

Bullion, a traditional hedge against political and financial instability, rose to an all-time high of $3,500.05/oz last week and has gained over 25% so far this year.

"The broader gold forecast and price direction remains constructive, even with some of its haven appeal diminishing," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

"Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed."

The risk is high that the global economy will slip into recession this year, according to a majority of economists in a Reuters poll.

Data due this week include the U.S. job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the nonfarm payrolls report on Friday. Market participants will scan these to gauge the impact of the latest tariffs on the U.S. economy.

Spot silver eased 0.1% to $33.04, platinum gained 1.8% to $988.90 and palladium added 0.8% to $956.35.

Source: Reuters