On June 9, gold prices rose modestly on Monday, supported by a weaker US dollar as investors focused on ongoing US China trade talks.
Spot gold climbed 0.8% to $3,335.02 an ounce by 13:50 ET, recovering from a one-week low earlier in the day. U.S. gold futures settled 0.2% higher at $3,354.90. The dollar index fell 0.3%, making dollar-priced gold more affordable for holders of other currencies.
Senior officials from the U.S. and China met in London to discuss the tariffs and trade restrictions each side imposed earlier this year. Last month, both parties agreed to a temporary trade truce, easing investor concerns.
Bart Melek, head of commodity strategies at TD Securities, said a positive outcome could slightly weigh on gold in the short term but added that a weaker economy, expected interest rate cuts, and lower risk appetite are driving investors toward gold amid inflation worries.
Meanwhile, Russia announced it had captured additional territory in Ukraine’s Dnipropetrovsk region, aiming to establish a “buffer zone,” adding to geopolitical tensions that often boost safe-haven assets like gold.
Investors are also awaiting U.S. Consumer Price Index data due Friday to assess economic conditions and anticipate Federal Reserve rate moves. Over the weekend, China’s central bank reported increasing its gold reserves for the seventh consecutive month in May.
Other precious metals gained ground as well: spot platinum surged 3.7% to $1,212.82, its highest since May 2021; spot silver rose 2.1% to $36.71 an ounce; and palladium increased nearly 3% to $1,077.64.
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