Bullion was trading around $3,320 an ounce after gaining 0.5% on Monday.
Delegates from the world’s two largest economies concluded the first day of negotiations in London, as the US indicated it may ease certain restrictions on technology exports, in exchange for assurances that China will relax limits on rare earth shipments. Negotiations are set to continue Tuesday.
Uncertainties over global trade tensions have rattled markets this year, boosting gold’s allure as a haven asset. While the rally has cooled in recent weeks, lingering worries over the economic impacts of the US tariff agenda have kept the metal close to its record high of about $3,500 an ounce reached in April.
Platinum was steady after jumping as much as 4.7% on Monday, following last week’s 10% surge, to trade near the highest level since May 2021 on signs of severe market tightness. The positive sentiment for that metal may also come from spillover bullishness from gold, which has climbed more than 25% this year, according to Francisco Blanch, head of commodities and derivatives research at Bank of America.
The bank sees gold eventually reaching $4,000, but it may not happen until 2026 as “we need to see a real shock for prices to break away,” Blanch said during an interview on Bloomberg TV on Monday.
Gold was 0.2% lower at $3,318.73 an ounce as of 8:37 a.m. Singapore time. The Bloomberg Dollar Spot Index was steady. Silver declined but remained near a 13-year-high, while palladium dipped.
Read More: Platinum Extends Surge to Highest Since 2021 as Market Tightens
Investors are focusing on Thursday’s auction of long-dated Treasuries, an event that’s drawing unusual attention amid growing global resistance to US debt. A weak showing could boost demand for gold as investors seek safety.