(RTTNews) – Gold prices were slightly higher on Thursday as investors awaited cues from a high-level summit between US President Donald Trump and Chinese President Xi Jinping in Beijing.
Spot gold rose 0.2 percent to $4,698.72 an ounce, while U.S. gold futures were little changed at $4,705.05.
Trump’s three-day state visit to China focused on trade, tariffs, artificial intelligence, the Iran war, Taiwan, rare earths and supply chains.
Based on Xi Jinping’s minutes of the meeting, the two leaders agreed to develop a “constructive China-US relationship of strategic stability” led by cooperation and “measured competition”.
The dollar remained strong on the back of higher US Treasury yields as investors began to price in the possibility of a Federal Reserve rate hike this year.
Boston Federal Reserve Chair Susan Collins said on Wednesday that the Fed may need to raise interest rates to curb inflation.
Collins said in a speech at the Boston Economic Club that some policy tightening is needed to ensure inflation gets back to 2 percent in a timely manner, as the Senate voted 54 to 45 to confirm Kevin Washin as Federal Reserve chairman for a four-year term.
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