Gold steady as investors await US trade talk updates, ECB decision
Spot gold rises 0.1 per cent to US$3,353.81 per ounce as of 0105 GMT. US gold futures were steady at US$3,360.50.
Investors are closely monitoring developments in trade negotiations ahead of US President Donald Trump's August 1 deadline, as US
Commerce Secretary Howard Lutnick remains optimistic about reaching a deal with the European Union. * At its meeting 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 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.
Asian shares and the yen held their ground on the day as the Japanese elections proved bad for the government but no worse than already priced in.
Gold demand in India remained subdued last week, with near-record prices deterring buyers and prompting dealers to deepen discounts, while elevated prices also curtailed activity across other major Asian markets.
Spot silver rose 0.2 per cent to US$38.24 per ounce, platinum added 0.4 per cent to US$1,427.05 and palladium gained 0.6 per cent to US$1,248.50.
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