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Investing.com-- Gold prices moved little in Asian trade on Monday, as risk appetite improved in anticipation of high-level U.S.-China trade talks that are set to take place later in the day.
Platinum was a major outperformer, surging over 2% to a four-year high on expectations of tighter supplies.
Bullion was sitting on strong gains from last week, as a mix of U.S. economic uncertainty and a soft dollar kept traders largely biased towards havens. While stronger than expected nonfarm payrolls data did slightly offset this trend, gold remained strong and about $200 away from record highs.
Spot gold steadied at $3,310.61 an ounce, while gold futures for August fell 0.5% to $3,330.65/oz by 01:20 ET (05:20 GMT).
Gold steady, platinum soars before US-China trade talks
Gold prices steadied after strong gains last week, with focus squarely on upcoming trade talks.
The dollar weakened in Asian trade on Monday, offering metal prices more leeway, while traders still remained somewhat averse to U.S. assets before the talks.
China confirmed over the weekend that high-level trade talks with Washington will take place in London on Monday, leaving traders holding out for further deescalation in their trade conflict.
The two had agreed to temporarily slash their respective trade tariffs in mid-May, although talks were seen stalling in recent weeks. But investors were now holding out for a more lasting trade truce, or even an improvement in relations between the two economic giants.
Platinum prices were a major outlier, with futures soaring over 2% to a four-year high of $1,194.85/oz.
The metal, widely viewed as an investment alternative to gold and silver, has been on a tear in recent weeks, especially after a market report highlighted increased demand and shrinking supplies of the metal.
A break above the technically important $1,100/oz level also sparked positive sentiment towards the metal.
Other precious metal prices were flat, with silver futures rising 0.2% to $36.205/oz, but remaining at a near 14-year high hit last week.
Copper flat following weak China data
Among industrial metals, copper prices cooled after some recent gains as weak data from top importer China drummed up concerns over sluggish demand.
Benchmark copper futures on the London Metal Exchange rose 0.1% to $9,698.70/ton, while U.S. copper futures steadied at $4.8508/pound.
Chinese trade data showed copper imports to the world’s largest importer slid 18% in May from record highs hit in April.
The drop in copper imports also came amid a bigger-than-expected drop in Chinese imports, as the country faces steady headwinds from high U.S. trade tariffs.
Other data showed Chinese disinflation remained squarely in play in May, as local consumer and business spending remained weak. The soft data drummed up fears that copper demand in the country will weaken as growth cools, especially if trade headwinds persist.