Gold rose after hitting a two-week low, supported by lower US Treasury yields as investors awaited US President Donald Trump’s meeting with Ukrainian President Volodymyr Zelenskiy and European leaders to discuss a peace deal with Russia.
Spot gold was up 0.3% at US$3,345.64 per ounce (RM14,136.18), as of 0156 GMT on Monday, after hitting its lowest level since Aug 1.
US gold futures for December delivery rose 0.3% to US$3,391.80.
“Gold was on the back foot to start the day, but … was able to reverse course with buyers stepping up to around the US$3,330 level, as a value play. US Treasury yields gave up some of Friday’s gains, which also helped to make life easier for the gold price,” said Tim Waterer, chief market analyst at KCM Trade.
European leaders are set to join Zelenskiy for discussions with Trump.
Russia would relinquish tiny pockets of occupied Ukraine and Kyiv would cede swathes of its eastern land which Moscow has been unable to capture, under peace proposals discussed by Russia’s Vladimir Putin and Trump at their Alaska summit, sources briefed on Moscow’s thinking said.
Non-yielding bullion, considered a safe-haven assets during periods of uncertainity, tends to perform well in low-interest-rate environment.
Elsewhere, spot silver rose 0.3% to US$38.08 per ounce, platinum gained 0.8% to US$1,346.61, and palladium was up 1.3% to US$1,126.85.
Source: theedgemalaysia