Quick overview

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The yellow metal remained steady after a week of declines as attention shifted to President Donald Trump’s meeting with European leaders and Ukrainian President Volodymyr Zelensky to discuss a peace agreement with Russia. Spot gold, which had dropped to its lowest level since August 1, rose 0.1 percent to $3,340.71 an ounce

US gold futures for December delivery also increased 0.1 percent to $3,385.7, according to sources briefed on Moscow’s thinking. Under the peace proposals discussed by Russian President Vladimir Putin and President Donald Trump at their Alaska summit, Russia would relinquish small areas of occupied Ukraine, and Kyiv would give up large parts of its eastern territory that Moscow has been unable to seize.

Gold became more affordable for foreign buyers as benchmark 10-year US Treasury yields stayed near their two-week high, and the US dollar index slightly declined. For information on potential interest rate cuts, investors are also watching the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, and recent wholesale and consumer prices from last week.

The bullion asset appears to have been stuck between $3,330 and $3,350 since late Thursday and during Friday’s trading session. The likelihood of a successful outcome from the Trump-Putin summit in Alaska is lower than anticipated.

The White House stated that something must happen and that the war must end before discussing business.

Despite a strong report on July retail sales, which included an upward revision of June’s figures, the US dollar struggled to gain momentum. Additionally, data showed that industrial production in the US declined in July, and consumer sentiment deteriorated as expectations for inflation increased.