Gold clawed back ground in Asian hours on Thursday, snapping a four-day slide as the Federal Reserve’s quarter-point rate cut underpinned non-yielding assets and a dearth of concrete progress from U.S.–China trade talks preserved a layer of haven demand. Spot prices rose 1.0% to $3,967.03/oz by 02:51 ET (06:51 GMT), while U.S. gold futures eased 0.4% to $3,983.10.

The advance follows a brisk retreat that drove bullion to a three-week low earlier this week and erased a chunk of last week’s surge above $4,300/oz, as profit-taking met softer safe-haven bids. The Fed’s move to 3.75%–4.00% briefly weakened the dollar and nudged real yields lower, lending support to bullion. But gains were capped after Chair Jerome Powell stressed that a December rate cut is “far from a foregone conclusion,” tempering hopes for a rapid easing cycle.

Geopolitics added a second—but tentative—prop. President Donald Trump described his meeting with Xi Jinping in Busan as “amazing,” pointing to headline progress on tariff reductions (to 47% from 57%) and on purchases of U.S. agricultural goods and rare-earth export flexibility. Markets, however, were left waiting for formal details or timelines, especially around sensitive areas like semiconductors—limiting the durability of any risk-on impulse and helping gold stabilize above the $3,900 handle.

Across the complex, moves were mixed. Silver futures slipped 0.7% to $47.61/oz, while platinum rose 0.7% to $1,594.80/oz. Copper cooled after notching a fresh LME record on Wednesday ($11,200.4/ton), with LME benchmark contracts down 1.3% to $11,019.20/ton and COMEX copper off 0.7% to $5.17/lb, as traders balanced tighter supply narratives against macro uncertainty.

Outlook

Near term, bullion’s trajectory hinges on the path—not just the pace—of Fed easing and whether U.S.–China headlines translate into signed measures. A sustained break back above the $4,000 zone would signal fading downside momentum; failure to secure clearer macro catalysts risks renewed tests of this week’s lows. For now, gold appears to be basing after a sharp de-risking, with event risk and data surprises likely to dictate the next leg.