Gold
Gold Futures Rise as Markets Await US-China Talks
Hong Kong: Gold prices remained stable at the start of Asian trading today as investors awaited the high-level summit between the United States and China in Beijing while continuing to monitor developments related to the conflict in the Middle East.
Spot gold recorded little change at USD 4,713.39 per ounce, while US gold futures for June delivery rose by 0.7 percent to USD 4,721.80 per ounce.
Economic data showed that US consumer prices increased sharply in April for the second consecutive month, recording the largest annual rise in inflation in nearly three years, strengthening expectations that the Federal Reserve may keep interest rates unchanged for a longer period.
Meanwhile, the US Senate approved the appointment of Kevin Warsh as a member of the Federal Reserve Board of Governors for a 14-year term, in a move viewed as paving the way for his potential succession to Federal Reserve Chair Jerome Powell in the future.
In India, authorities raised customs duties on gold and silver imports from 6 percent to 15 percent as part of efforts to curb overseas purchases and ease pressure on foreign exchange reserves.
Among other precious metals, spot silver rose by 1 percent to USD 87.40 per ounce, platinum declined by 0.1 percent to USD 2,124.70 per ounce, while palladium gained 0.4 percent to USD 1,497.00 per ounce.
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