Gold prices inched up on Monday, supported by lower U.S. Treasury yields, as investors awaited U.S. President Donald Trump’s meeting with Ukrainian President Volodymyr Zelensky and European leaders later in the day.
Spot gold gained 0.4% to $3,348.28 per ounce, as of 0840 GMT on Monday, after hitting its lowest level since August 1. U.S. gold futures for December delivery rose 0.3% to $3,393.40,News.Az reports, citing Reuters.
"The firm tone to gold prices has returned today with the market nudging the $3,350 level (as) the combination of soft yields and a weaker dollar would for sure create a tailwind for gold," said independent analyst Ross Norman.
Benchmark 10-year U.S. Treasury yields fell from more than two-week highs.
On the geopolitical front, European leaders are set to join Zelensky for talks with Trump later on Monday to discuss how to approach a possible deal to end the war between Russia and Ukraine.
Investors are also looking ahead to the Federal Reserve's annual symposium in Jackson Hole, Wyoming for more cues on Fed's interest rate path.
Non-yielding bullion, considered a safe-haven asset during periods of geopolitical and economic uncertainty, tends to perform well in a low-interest-rate environment.
Elsewhere, spot silver was up 0.2% at $38.08 per ounce, platinum was steady at $1,335.06 and palladium was up 0.6% at $1,118.92.
