Gold prices edged up Friday on doubts that the highly anticipated meeting between the United States and China would ease trade tensions, driving bullion to its best month in three years.
Spot gold was up 0.3% at $1,413.67 per ounce early Friday morning, having risen nearly 8.3% so far this month, on track for its biggest monthly percentage gain since June 2016.
With nearly 1.2% improvement so far this week, the metal is also set to post its sixth consecutive weekly rise.
U.S. gold futures climbed 0.3% to $1,415.80.
White House economic adviser Larry Kudlow said President Donald Trump has agreed to no preconditions for his high-stakes meeting with China’s President Xi Jinping and is maintaining his threat to impose new tariffs on Chinese goods.
The leaders of the Group of 20 countries meet on Friday and Saturday in Osaka, Japan, with the encounter between Trump and Xi scheduled for Saturday.
The trade tensions weighed on equity markets, boosting the appeal of safe-haven bullion.
Gold prices have picked up more than $80 in the last two weeks, especially on expectations that there will be at least a quarter percentage point reduction in July by the U.S. Federal Reserve.
Silver inched down 0.1% to $15.24 U.S. per ounce, on track for its first monthly gain in five.
Palladium fell 0.9% to $1,537.20 U.S. an ounce. However, the auto-catalyst metal has risen more than 16% so far this month, its biggest monthly percentage gain since November 2016.
Platinum was up 0.3% at $815.32 U.S.
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