Gold steady as investors await US trade updates, central bank meetings
Spot gold held its ground at US$3,352.19 per ounce, as of 0250 GMT. US gold futures were steady at US$3,358.70.
'Dollar has made a subdued start to the week, which has left the door open for gold to post gains early doors with tariff deadlines looming large,' KCM Trade chief market analyst Tim Waterer said.
'The closer we move towards the key August 1 deadline without any new trade deals emerging, the more likely gold is to start fancying another run to towards the US$3,400 level and perhaps beyond.'
Investors are eyeing developments in trade negotiations ahead of US President Donald Trump's Aug 1 deadline, as US Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union.
Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between Oct 30 and Nov 1, or he could meet Chinese leader Xi Jinping on the sidelines of the Apec event in South Korea, reports said.
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At its meeting later this week, the European Central Bank is expected to hold interest rates steady at 2.0 per cent following a string of cuts.
Last week, Federal Reserve Governor Christopher Waller said he still believes that the US central bank should cut rates at its policy meeting next week.
Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low interest rate environment.
In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as the US tariff deadline looms.
Elsewhere, spot silver edged 0.1 per cent higher to US$38.22 per ounce, platinum added 0.3 per cent to US$1,425.11 and palladium gained 0.2 per cent to US$1,243.47. REUTERS
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