Gold prices gained in Asian trading on Monday, recovering from their lowest point in more than two weeks as investors sought safety amid geopolitical uncertainty.
- Spot gold rose 0.7% to $3,357.73 an ounce.
- October futures climbed 0.6% to $3,402.92/oz by 01:00 ET.
The rebound followed last week’s losses when U.S. President Donald Trump met Russian President Vladimir Putin to discuss a potential peace deal with Ukraine. While talks raised hopes of de-escalation, markets remained cautious, driving renewed demand for precious metals.
Trump is scheduled to meet Ukrainian President Volodymyr Zelensky and European leaders later Monday at the White House. Reports suggest Washington may push Kyiv to cede territory, including Crimea, and abandon NATO ambitions—conditions Ukraine has consistently rejected.
Uncertainty over the outcome has kept gold supported, even as Asian equity markets climbed on optimism that energy trade disruptions might be contained.
Precious and Industrial Metals Mixed
Other metals also saw modest gains. Platinum futures inched up to $1,345.45/oz, while silver futures rose 0.5% to $38.18/oz.
In industrial markets, copper was mixed:
- London Metal Exchange (LME) copper rose 0.1% to $9,799.75 per ton.
- COMEX copper edged down 0.1% to $4.4895 per pound.
Copper weakness late last week reflected softer industrial data from China, the world’s largest consumer. Recent figures on fixed asset investment and industrial production underscored ongoing concerns about demand resilience.
Jackson Hole Symposium in Focus
Markets are now turning attention to the Federal Reserve’s annual Jackson Hole symposium. Fed Chair Jerome Powell is expected to offer guidance on the timing and pace of potential rate cuts.
CME FedWatch data showed an 83% probability of a 25-basis-point cut in September, down from nearly 100% the week prior. The shift came after stronger-than-expected producer price inflation rekindled concerns over tariffs and their inflationary impact.
Still, dollar weakness has persisted, providing support for metals. The U.S. currency remained rangebound Monday after last week’s declines, keeping gold’s appeal intact for investors seeking diversification.
With geopolitical tensions unresolved and monetary policy signals pending, gold is likely to remain in focus as markets balance risk appetite against safe-haven demand.