Gold prices held largely steady on Friday, ?as investors focused on ?the latest developments ?in the Middle East and following the U.S. president’s meeting with Chinese President Xi Jinping.
Spot gold was down 0.1% at $4,680.26 an ounce. U.S. ?gold ?futures for June delivery fell 0.4% to $4,686.20.
The U.S. ?dollar was up 0.3%, making greenback-priced bullion more expensive for holders of other currencies.
Oil prices slipped after Iran’s state media said about 30 vessels had crossed the Strait of Hormuz ?even as there were reports of attacks in the area.
Prospects of U.S. rate cuts have largely faded, experts say, amid a sharp energy-driven rise ?in April U.S. producer and consumer prices.
While gold is considered a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
Meanwhile, Xi told Donald Trump that trade talks were ?making progress on Thursday, but said disagreement ?over Taiwan could upend relations. The U.S. summary of the talks, however, made no mention of Taiwan.
Spot silver fell ?3.6% to $84.84 U.S. per ounce, platinum lost 3.1% ?to $2,071.53 U.S., and palladium was down 3.5% at $1,447.52 U.S.
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