(RTTNews) – Gold prices were a tad higher on Thursday as investors awaited cues from a high-stakes summit between U.S. President Donld Trump and Chinese President Xi Jinping in Beijing.
Spot gold edged up by 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 focusses on trade, tariffs, artificial intelligence, Iran war, Taiwan, rare earths, and supply chains.
Based on Xi Jinping’s readout of the meeting, the two leaders agreed to develop a “constructive China-U.S. relationship of strategic stability” led by cooperation and “measured competition.”
The dollar held firm, tracking higher U.S. Treasury yields, as investors began to price in the prospect of Federal Reserve rate hikes this year.
Boston Federal Reserve President Susan Collins said on Wednesday the Fed may need to raise interest rates to curb inflation.
Some policy tightening is needed to ensure than inflation returns durably to 2 percent in a timely manner, Collins said in a speech to the Boston Economic Club as the Senate voted 54 to 45 to confirm Kevin Wash as Federal Reserve chair for a four-year term.
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