Gold consolidates in the early Asian session, but may be weighed by trade-deal hopes. The Trump administration engaged in negotiations with China in Sweden on Monday, with additional discussions expected on Tuesday.
The recent wave of trade optimism has resulted in a temporary outflow of capital from safe-haven assets such as gold into riskier assets such as equities, XS.com's Linh Tran says in an email.
Hence, gold, which traditionally acts as a hedge against uncertainty, has lost some of its upward momentum in the short term, the market analyst adds. Spot gold is little changed at $3,312.54/oz.
Source: Dow Jones Newswires
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