Gold steadies before Trump-Xi talks
Investors expect gold prices to stabilize temporarily as they await the results of the Trump and Xi summit, which brings together the United States and China. This comes amid geopolitical tensions in the Middle East and a decline in U.S. Treasury bond yields. The spot gold price remained steady at around $4,379 per ounce, while December futures contracts saw a slight decrease of 0.78%, reaching $4,417 per ounce. Gold achieved weekly gains of approximately 0.6%, supported by declining Treasury yields, a weaker dollar, and the Federal Reserve's decision to raise interest rates to a range of 3.75% to 4.0%. Global markets are heading toward the Washington summit between Trump and Xi, which will discuss tariffs and artificial intelligence, amid anticipation of how these meetings might impact the international economy and trade. Meanwhile, markets in the Middle East experienced a partial easing following comments from Trump about a possible meeting with the Iranian president, as tensions with the Houthis persist and influence oil prices. Additionally, other precious metals increased, with silver rising by 0.7% to $66.74, and other gemstones justified their gains.
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