Gold prices rose in Asian trade on Monday, recouping a measure of recent losses and keeping recent record highs close as markets digested some conciliatory comments from U.S. officials on a trade conflict with China.
Spot gold rose 0.4% to $4,267.70 an ounce, while gold futures for December rose 1.6% to $4,280.65/oz by 00:49 ET (05:49 GMT). Spot gold hit a peak of $4,379.44/oz last week.
Gold slides from record highs on easing US-China trade jitters The yellow metal tumbled from record highs last week after U.S. President Donald Trump raised doubts over a prolonged trade war with China, while also stating that upcoming talks with Beijing remained on track.
Trump said he viewed high tariffs on China as “not sustainable,” and that he was set to meet Chinese President Xi Jinping in South Korea in two weeks.
Separately, U.S. Treasury Secretary Scott Bessent also said that talks with Chinese officials were scheduled this week.
Trump’s comments sparked a rally in broader financial markets, dampening some haven demand for gold and driving flows into more risk-heavy assets.
Gold was also subject to profit-taking after a stellar rally in the past two months. Growing concerns over the U.S. economy, amid an ongoing government shutdown, as well as bets on more rate cuts by the Federal Reserve, largely underpinned bullion prices.
Gold, precious metals buoyed by haven demand
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Gold’s Monday gains also came amid some signs of strain in the Israel-Hamas ceasefire, following attacks by the two over the weekend.
But Israel signaled that the ceasefire remained in place, and that aid for Gaza will resume from Monday.
On the geopolitical front, focus was also on Washington’s attempts to broker a Russia-Ukraine ceasefire, with Trump seen meeting Ukrainian President Volodymyr Zelensky over the weekend.
Reports said Trump urged Zelensky to cede territory to Moscow, and also declined more military aid for Kyiv.
Geopolitical uncertainty, coupled with growing concerns over the U.S. economy, especially amid a government shutdown, kept haven demand for gold and its peers underpinned.
Spot silver rose 0.6% to $52.2520/oz, remaining close to record highs, while spot platinum lagged, sliding 1% to $1,597.02/oz.
Among industrial metals, copper rallied following some positive economic readings from top importer China. China’s gross domestic product grew slightly more than expected in the third quarter, but at its slowest pace in a year.
