Gold December futures opened at $4,394.70 per troy ounce on Wednesday, up 0.4% from Tuesday's close, before slipping back toward $4,300 as investors track the U.S.-China summit in Washington and signs of easing U.S.-Iran tension. Brent crude extended its retreat as diplomacy over Iran progressed.
Gold pulled back to $4,352 per troy ounce as of 6:51 a.m. ET after opening higher, settling the metal back into the $4,300 range. President Trump welcomed Chinese leader Xi Jinping to Washington the same day, marking the first time in 11 years the Chinese president has visited the U.S. capital. Trade negotiations, rare earths, artificial intelligence, and the war in Iran are all on the agenda for the two leaders this week.
Gold's longer-term trend still up
Despite the pullback, gold is up 1.4% from a week ago, down 4% from a month ago, and up 16.2% from a year ago. For context, the one-year gain for gold was 95.6% on Jan. 29.
As of 7:53:24 a.m. ET, with markets open, gold traded at 4,346.20, down 30.20 or 0.69% on the day.
Iran talks lift hopes, pressure oil
Hopes for easing tensions between the U.S. and Iran rose after the two countries met for several hours at the United Nations yesterday, and oil prices responded in kind. Brent crude has fallen to under $96 a barrel, a 9.98% decline over the last five days.
Source: Yahoo Personal Finance
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