London, May 12 (SANA) Gold prices rose on Tuesday as investors monitored developments in the Middle East and awaited a meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
Reuters reported that spot gold rose 0.5% to $4,757.59 per ounce, while U.S. gold futures for June delivery gained 0.8% to $4,768.20.
Markets are closely watching Trump’s two-day visit to China this week, during which he is expected to meet Xi to discuss a range of issues, including developments in the Middle East.
Oil prices also rose in early Asian trading amid ongoing concerns over global supply.
According to Reuters, Brent crude futures rose 30 cents, or 0.29%, to $104.51 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 31 cents, or 0.32%, to $98.38 a barrel.
Tim Waterer, chief market analyst at KCM Trade, said in an email that prices are expected to remain above $100 as long as negotiations between the United States and Iran remain inconclusive and flows through the Strait of Hormuz remain constrained.
M.F / ABD
