Gold Edges Higher as Softer U.S.–China Tone Offsets Profit-Taking; Silver Near Records

Gold rebounded on Monday, reclaiming part of last week’s pullback as traders digested more conciliatory signals from U.S. officials on the trade dispute with China while broader macro uncertainty kept haven demand intact.

Prices:

• Spot gold: $4,280.95/oz (+0.7%)
• Gold futures (Dec): $4,297.24/oz (+2.0%)
• Recent high: Spot touched a record $4,379.44/oz last week.

Drivers

• Easing trade jitters: Comments from President Donald Trump that prolonged, high tariffs on China are “not sustainable,” alongside plans to meet President Xi Jinping and fresh talks flagged by Treasury Secretary Scott Bessent, helped stabilize risk sentiment and temper last week’s haven bid.
• Positioning and macro backdrop: After a two-month rally, some profit-taking weighed on bullion, but concerns over U.S. growth amid an ongoing government shutdown and expectations for additional Federal Reserve rate cuts continued to underpin prices.

Geopolitics: Risk Premium Still Present

• Middle East: Signs of strain around the Israel–Hamas ceasefire over the weekend kept a modest risk premium in place, even as Israel said the truce remains intact and aid to Gaza is set to resume.
• Russia–Ukraine: Attention also stayed on efforts to broker a ceasefire, with reports around U.S. engagement adding to the broader uncertainty that supports hedging demand.

Strategists at RBC Capital Markets characterize gold’s advance as driven less by one-off macro prints and more by “compounding uncertainty”—including U.S. fiscal risks, questions about Fed independence, inflation anxiety, and currency debasement fears—reinforcing gold’s role as a hedge and portfolio diversifier.

Other Metals

• Silver (spot): $50.830/oz (+1.5%), holding near record territory.
• Platinum (spot): $1,624.45/oz (+0.3%).
• Copper: Firmed after mixed-but-better-than-feared signals from China, where Q3 GDP grew 4.8% y/y, the slowest in a year but slightly above expectations.