(Bloomberg) -- Gold steadied as signs the US and China are willing to make concessions on a second day of trade talks in London eased demand for haven assets.
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Bullion was little changed near $3,330 an ounce. The US indicated it may soften certain restrictions on technology exports, in exchange for assurances that China will relax limits on rare earth shipments.
Uncertainties over global trade tensions have rattled markets this year, boosting gold’s allure as a store of value in turbulent times and powering a year-to-date advance of around 27%. While the rally has cooled in recent weeks, lingering worries over the economic impacts of the US tariff are keeping the precious metal close to a record reached in April.
Meanwhile, Platinum retreated from a four-year high after jumping more than 15% over the previous six sessions on signs of severe market tightness. The positive sentiment may have partly come from spillover bullishness from gold, according to Francisco Blanch, head of commodities and derivatives research at Bank of America.
The bank sees gold eventually reaching $4,000, but it may not happen until 2026 as “we need to see a real shock for prices to break away,” Blanch said during an interview on Bloomberg TV on Monday.
Gold traded at $3,329.91 an ounce as of 11:07 a.m. in London. The Bloomberg Dollar Spot Index edged up 0.1%. Silver and palladium fell.
Investors are focusing on Thursday’s auction of long-dated Treasuries, an event that’s drawing unusual attention amid growing global resistance to US debt. A weak showing could boost demand for gold as investors seek safety.