Gold prices were on track for their biggest monthly decline in three years, as upbeat comments by both countries earlier this month had raised hopes of an interim deal.
Even so, the shiny yellow metal saw little change on Friday as investors refrained from making big bets amid doubts whether the United States and China could seal a trade deal.
Spot gold was flat at $1,458.47 U.S. per ounce, having shed 0.2% so far this week. U.S. gold futures rose 0.3% to $1,458 U.S.
U.S. President Donald Trump on Wednesday signed into law congressional legislation backing protesters in Hong Kong, prompting Beijing to warn of "firm counter measures".
For the month, prices were down almost 4%, their biggest since November 2016, as earlier optimism about a deal between Beijing and Washington dampened demand for the safe-haven metal.
However, gold, which is considered a safe store of value during economic or political uncertainties, has gained more than 13% this year, mainly due to the tariff dispute.
Among other precious metals, palladium fell 0.4% to $1,834.14 U.S. per ounce, after touching an all-time peak.
The metal, used in vehicle exhausts to reduce harmful emissions, has gained about 45% this year and was headed for its fourth consecutive monthly gain on sustained supply issues.
Platinum shed 0.3% to $898.72 U.S. per ounce and silver rose 0.6% to $16.96 U.S.
