Gold Shows Modest Move To The Upside

(RTTNews) - Gold made incremental gains on Monday as US-China trade negotiations are underway, snapping previous two-session losing streak.

Front Month Comex Gold for June delivery climbed $9.40 or 0.3 percent to $3332.10 per troy ounce today.

Front Month Comex Silver for June delivery jumped 66.30 cents or 1.8 percent to $36.688 per troy ounce today.

In a significant step in US-China relations post the tariff imposition by US President Donald Trump in January, senior US and Chinese officials met today in London for likely two-day talks to discuss steps to defuse the trade conflict between the two nations.

On the economic data front, job data released by US Labor Department last Friday revealed that the unemployment rate has been steady at 4.2% in May for the second straight month.

US non-farm payroll data showed an increase by 139,000 in May exceeding expectations of 130,000. These numbers showed that the job market has been fairly resilient despite economic uncertainty.

On the geopolitical front, Russia had stepped up its attack on Ukraine with drones and missiles, ahead of a prisoner-swap between both countries. This comes even after Russia had agreed to pursue peace talks with Ukraine under US pressure.

Investors are now anticipating the Consumer Price Index (CPI) report due to be released on Wednesday

As the yellow precious is seen as a safe bet during periods of geopolitical and economic uncertainty, traders are also cautiously optimistic about the outcome of US-China negotiations to gauge the trajectory of global trade.