Gold prices steady as markets watch Trump-Xi Beijing talks
Gold prices held steady at 4,689 dollars as investors monitored Trump-Xi talks in Beijing. Markets are also weighing U.S. inflation and interest rate outlooks.
Gold held steady at $4,689.49 per ounce on Thursday as investors awaited high-level diplomatic talks between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing. U.S. producer prices rose at their fastest pace in four years in April, signaling accelerating inflation. The Senate confirmed Kevin Warsh as Federal Reserve chair as markets now price a 28% chance of a rate hike by December.
President Trump is meeting with Xi to discuss economic wins, maintain a trade truce, and address the Middle East conflict. Trump is expected to seek China's help resolving the conflict, though analysts say significant support is unlikely. GoldSilver Central Managing Director Brian Lan said the metal has a downward bias as investors look for entry points.
