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Gold prices held steady in Asian trade on Wednesday, trading within a narrow range as investor sentiment improved on speculation over upcoming talks between U.S. President Donald Trump and Chinese President Xi Jinping. Spot gold remained flat at $3,353.71 an ounce, while August gold futures edged to $3,377.72 by 00:51 ET (04:51 GMT).
Despite a slight boost in risk appetite, demand for safe-haven assets like gold remained resilient due to ongoing uncertainty in the U.S. economy. Market caution persisted after Trump doubled tariffs on steel and aluminum, and concerns were further heightened by a breakdown in U.S.-Iran nuclear negotiations and escalating military tension between Russia and Ukraine. Notably, a Ukrainian underwater attack on a key Russian bridge to Crimea added to geopolitical stress.
Although hopes for renewed U.S.-China trade talks have slightly dampened demand for gold, the metal continues to attract strong bids amid skepticism over a lasting trade agreement. Gold prices are up nearly 2% this week, underlining persistent investor caution.
Meanwhile, the U.S. dollar regained some strength, supported by upcoming nonfarm payroll data and expectations that the Federal Reserve will hold interest rates steady. A firmer dollar typically weighs on metal prices, but some resilience was seen across the board. Platinum futures rose 0.4% to $1,079.40 per ounce, while silver futures held at $34.618.
Copper prices also saw modest gains, buoyed by optimism that improving U.S.-China relations could ease economic pressure on China, the world’s largest copper consumer. London Metal Exchange copper futures rose 0.2% to $9,643.10 a ton, while U.S. copper futures matched the rise at $4.8750 per pound.
