The Gold price (XAU/USD) attracts some sellers to near $3,275 during the early Asian session on Monday, pressured by a stronger US Dollar (USD), APA-Economics reports citing fxstreet.com.
Optimism in US-China trade talks in Geneva, Switzerland, over the weekend has dragged the precious metal lower.
The US and China reported “substantial progress” after two days of talks in Switzerland aimed at de-escalating a trade war. China's Vice Premier He Lifeng described trade talks with US officials as “an important first step” in stabilising bilateral trade relations. Additionally, US Treasury Secretary Scott Bessent said the two sides made “substantial progress. Nonetheless, traders will keep an eye on the US-China trade talks details, which the US will share detail on Monday.
The specific measures from the world’s two largest economies could undermine the safe-haven demand. On the the hand, trade-related uncertainties might help limit the yellow metal’s losses. "Obviously, the overall continued uncertainty in regards to tariffs remains probably the most significant underpinning behind gold," said David Meger, director of metals trading at High Ridge Futures.
Additionally, persistent geopolitical risks could lift the Gold price even as India-Pakistan military activity tapered following reports of a ceasefire. India and Pakistan have both claimed victory after a ceasefire was declared over the weekend, which brought the two nuclear-nations back from the brink of war.
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