Gold Steady, Platinum Hits 4-Year High Ahead of US-China Trade Talks; Copper Dips on Weak China Data
Gold prices saw little movement in Asian trading on Monday as investor sentiment improved in anticipation of high-level trade discussions between the U.S. and China, scheduled to begin later in the day.
Platinum was the standout performer among precious metals, jumping over 2% to its highest level in four years, driven by expectations of tighter market supply.
Gold remained supported after last week’s strong rally, fueled by ongoing U.S. economic concerns and a softer dollar, which boosted demand for safe-haven assets. Though better-than-expected U.S. jobs data slightly tempered that momentum, bullion held firm, staying around $200 below its all-time high.
Spot gold was flat at $3,310.61 per ounce, while August gold futures slipped 0.5% to $3,330.65 by 01:20 ET (05:20 GMT).
Focus Shifts to US-China Trade Talks
After a strong showing last week, gold held its ground as attention turned to the upcoming trade negotiations. The dollar weakened during Asian hours, offering further support to metal prices, while some investors remained hesitant toward U.S. assets ahead of the talks.
Over the weekend, China confirmed that senior-level talks with U.S. officials would take place in London on Monday. Investors are hoping for signs of lasting progress following a temporary agreement in mid-May to reduce tariffs, despite recent signs that negotiations had stalled. A more permanent easing of tensions or broader improvement in relations could provide an additional boost to markets.
Platinum Rallies on Supply Concerns
Platinum prices surged, with futures climbing more than 2% to $1,194.85 per ounce—a peak not seen in four years. The rally was fueled by recent reports indicating growing demand alongside tightening supply, strengthening investor confidence.
Breaking through the key technical level of $1,100 also helped drive bullish momentum, positioning platinum as a strong alternative investment to gold and silver.
Elsewhere in the precious metals space, silver futures edged up 0.2% to $36.205 per ounce, holding near the 14-year high reached last week.
Copper Pressured by Soft Chinese Demand
Industrial metals were more subdued, with copper prices pausing after recent gains. Sentiment was dampened by weak Chinese trade and inflation data, which raised fresh concerns about faltering demand in the world’s largest copper importer.
Benchmark copper on the London Metal Exchange inched up 0.1% to $9,698.70 per ton, while U.S. copper futures were flat at $4.8508 per pound.
Customs data showed China’s copper imports in May dropped 18% compared to April’s record levels. The broader decline in imports reflected ongoing headwinds from elevated U.S. tariffs and continued economic uncertainty.
Additional data showed that China’s inflation remained subdued in May, suggesting sluggish consumer and business activity. The soft outlook has heightened concerns that copper demand could weaken further if economic growth slows and trade tensions persist.
