Gold prices rose on Monday, supported by a weaker U.S. dollar ahead of U.S.-China trade talks aimed at easing tensions, while platinum extended gains for a sixth straight session to hit a four-year peak.
Spot gold was up 0.4% at $3,323.71 an ounce, by 0806 GMT, after dropping earlier in the session to $3,293.29, its lowest since June 2.
U.S. gold futures were steady at $3,344.70.
The dollar (.DXY), down 0.3% against a basket of major currencies, made bullion cheaper for holders of other currencies.
Investors are realizing that gold's key drivers, such as trade and geopolitical tensions, debt concerns and weak economic growth, remain and will continue to support the precious metal in the coming months, said Giovanni Staunovo, an analyst at UBS.
Top U.S. and Chinese officials will sit down in London on Monday for talks aimed at defusing a high-stakes trade dispute between the two superpowers that has expanded in recent weeks beyond tit-for-tat tariffs to export controls on goods and components critical to global supply chains.
Stronger-than-expected U.S. nonfarm payrolls data has led investors to scale back expectations for the Federal Reserve to cut interest rates this year from two to just one in October.
Market attention now turns to U.S. CPI data, due on Wednesday for further clues on the Fed's monetary policy path.
Gold, traditionally seen as a safe haven during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.
Meanwhile, China's central bank added bullion to its reserves in May for the seventh straight month, official data showed. Spot platinum rose 3% to $1,210.80, its highest since May 2021.
"It's supported by a combination of tight supply expectations, improved industrial sentiment and technical follow-through from broader precious metals prices," said Alexander Zumpfe, precious metals trader at Heraeus Metals Germany.
Spot silver rose 1% to $36.3 an ounce, while palladium rose 2.3% to $1,070.97. (alg)
Source: Reuters
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