File photo
Singapore: Gold prices rose on Wednesday as investors assessed the outcomes of US-China trade talks and awaited key US inflation data.
Spot gold gained 0.5% to $2,337.99 per ounce, while US gold futures climbed 0.5% to $2,359.20.
US Commerce Secretary Howard Lutnick announced on Tuesday that American and Chinese officials had agreed on a framework to revive the trade truce and address China’s export restrictions on rare earth minerals and magnets. The announcement followed two days of high-level negotiations held in London.
Meanwhile, market participants are closely watching for the release of the US Consumer Price Index (CPI) report for May, due later today. The data is expected to influence the outlook ahead of the Federal Reserve’s policy meeting next week, where the Fed is widely expected to keep interest rates unchanged.
In other precious metals, spot silver edged down 0.1% to $36.52 per ounce, platinum rose 1.4% to $1,038.97, and palladium gained 1% to $1,070.88.
