Gold Steady as Trade Talks Loom; Platinum Hits 4-Year High

Gold prices held steady in Asian trading Monday as investors awaited high-level U.S.-China trade talks in London. While broader risk appetite improved, demand for safe-haven assets remained supported by economic uncertainty and a softer U.S. dollar.

Spot gold traded at $3,310.61 per ounce, while August futures dipped 0.5% to $3,330.65. Despite strong nonfarm payrolls data, bullion remains near historic highs, just $200 below its all-time record.

Weaker dollar sentiment gave precious metals some room to advance. Meanwhile, platinum outperformed the market, jumping over 2% to a four-year high of $1,194.85. The rally came on the back of tightening supply forecasts and a break above the $1,100 technical level, which further fueled bullish momentum. Growing investor demand has added to platinum’s strength, positioning it as a viable alternative to gold and silver.

Silver futures edged up 0.2% to $36.205, maintaining levels near a 14-year high.

In contrast, copper prices showed little movement. London Metal Exchange copper futures rose just 0.1% to $9,698.70 per ton, while U.S. copper futures stood flat at $4.8508 per pound. The lackluster performance followed weak Chinese trade data showing copper imports fell 18% in May from April’s peak.

China’s broader import decline and signs of continued disinflation raised concerns over cooling domestic demand. With high U.S. tariffs still in place and local consumption subdued, fears of weaker copper demand persist, weighing on prices despite recent gains.

Investors are closely watching the outcome of today’s U.S.-China trade meeting, hoping for signs of a durable truce or improved relations between the two economic superpowers, which could shift market sentiment in the days ahead.