Yvonne Yue Li

Tue, Jun 10, 2025, 2:29 PM1 min read

(Bloomberg) -- Gold steadied as US-China trade talks extended into the second day, leaving traders on edge about the future of tariffs.

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The talks, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, aims to re-establish terms of an agreement reached in Geneva last month, in which the US understood that China would allow more rare earth shipments to reach American customers.

Uncertainties over global trade tensions have rattled markets this year, boosting gold’s allure as a store of value in turbulent times and powering a year-to-date advance of nearly 27%. While the rally has cooled in recent weeks, lingering worries over the economic impacts of the US tariff are keeping the precious metal close to a record reached in April.

Meanwhile, platinum retreated from a four-year high after jumping more than 15% over the previous six sessions on signs of severe market tightness.

Looking ahead, traders will be watching a key report on US inflation due Wednesday, which is expected to show US consumers probably saw slightly faster inflation in May. They’ll also be focusing on Thursday’s auction of long-dated Treasuries, an event that’s drawing unusual attention amid growing global resistance to US debt. A weak showing could boost demand for gold as investors seek safety.

Gold was down 0.09% to $3,323.06 an ounce as of 2:29 p.m. in New York. The Bloomberg Dollar Spot Index edged up 0.1%. Silver and palladium fell.

--With assistance from Yihui Xie and Jack Ryan.

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