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Gold prices were largely unchanged in Asian trading on Monday as investors remained cautious ahead of high-level U.S.-China talks while continuing to monitor geopolitical tensions in the Middle East.
Spot gold traded around $4,379.37 an ounce at 21:09 ET (01:09 GMT), while gold futures slipped slightly to $4,417.57 an ounce. The precious metal entered the week after gaining about 0.6% last week, supported by lower U.S. Treasury yields and a weaker dollar.
Gold found support after the Federal Reserve raised interest rates by 25 basis points, marking its first rate increase in three years. Fed Chair Kevin Warsh reiterated the central bank's commitment to returning inflation to its 2% annual target, signaling that additional tightening could follow.
Despite the Fed's hawkish stance, Treasury yields declined as investors gained greater clarity over the central bank's policy outlook. The dollar also weakened during the week, providing another tailwind for gold and other precious metals.
Markets are now closely watching an upcoming Washington summit between U.S. President Donald Trump and Chinese President Xi Jinping. Artificial intelligence, trade tariffs and broader economic relations are expected to feature prominently in the discussions. The meeting comes ahead of the November expiration of a tariff truce between the world's two largest economies.
Geopolitical risks also remained a key factor for gold prices after Yemen's Iran-backed Houthis launched further strikes against Saudi Arabia over the weekend. However, reports indicated that Trump declined to participate in Saudi attacks on Yemen while a U.S.-Houthi ceasefire remains in place.
Meanwhile, Washington and Tehran exchanged fresh threats amid speculation over possible U.S. military action against Iran. Trump also indicated he could meet Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week, helping improve risk sentiment and pressure oil prices.
Other precious metals gained ground Monday, with spot silver rising 0.7% to $66.7430 an ounce and platinum advancing 0.3% to $1,809.65.
