Gold prices rise amid assessment of US-China trade talks

Gold prices rose on Wednesday as investors assessed the outcome of US-China trade talks and markets awaited US inflation data.

Spot gold rose 0.5% to $3,337.99 per ounce.

US gold futures also rose 0.5% to $3,359.20.

As for other precious metals, spot silver fell 0.15% to $36.52 per ounce, platinum rose 1.4% to $1,238.97, and palladium rose 1% to $1,070.88.

Markets are awaiting the release of the US monthly inflation report for May, scheduled for later today. This comes one week before the Federal Reserve’s meeting, which is expected to hold interest rates steady. US Commerce Secretary Howard Lutnick confirmed on Tuesday, following two days of intense negotiations in London, that US and Chinese officials had agreed on a framework to suspend tit-for-tat trade measures and resolve Chinese export restrictions on rare earth minerals and magnets.