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Spot gold prices edged lower on Tuesday after testing a fresh record level the previous day, as U.S. President Donald Trump’s optimistic remarks about renewed trade talks with China eased market concerns and prompted profit-taking.
The precious metal, which has now logged nine consecutive weeks of gains, rose as much as 3.1% on Monday to reach a new peak of $4,381.60 per ounce before retreating. Silver, another key precious metal that recently hit an all-time high above $53 per ounce, also pulled back to $51.55, down 1.7%.
Other metals followed the downward trend, with platinum and palladium both declining over 1% to $1,613 and $1,498 per ounce, respectively, as of 6 a.m. GMT.
On Monday, Trump said he would meet Chinese President Xi Jinping in South Korea "in a couple of weeks," suggesting a possible easing of trade tensions following his earlier threat to impose 100% tariffs on Chinese goods. The threat came in response to China’s rare earth export restrictions, which are critical for global technology production.
"We’re going to be meeting in South Korea in a couple of weeks, and we’ll see what we can do," Trump told reporters while hosting Australian Prime Minister Anthony Albanese at the White House.
He added that he expects to reach a "fair deal" with Beijing after the South Korea meeting, expressing confidence that relations would improve.
In addition to the planned leaders’ meeting, both countries’ economic officials are expected to convene in Malaysia this week for further negotiations aimed at reaching a lasting agreement following a temporary truce in May.
Following Trump’s comments, all three major U.S. stock indices closed higher, with gains above 1%. The Nasdaq Composite, which is heavily weighted toward technology stocks, led the advance with a 1.4% increase.
Asian markets opened Tuesday with broad-based gains amid hopes of a resolution to trade frictions between the world’s two largest economies.
Japan’s Nikkei 225 climbed more than 1.5% in early trading to a new high, extending Monday’s 3.4% rally, before trimming gains to end the session 0.1% higher at 49,250.50. The rise came as Sanae Takaichi secured a coalition deal to become Japan’s first female prime minister.
Elsewhere in the region, Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index rose by 1.5% and 0.6%, respectively.
Oil prices held relatively steady, with West Texas Intermediate (WTI) crude trading at $57.02 per barrel and Brent North Sea crude at $60.82 per barrel.
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