On Tuesday, gold prices saw an increase as investors kept an eye on the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, as well as the latest updates regarding the ongoing conflict in the Middle East. Spot gold rose by 0.5%, hitting $4,757.59 per ounce as of 0050. U.S. gold futures for June delivery rose by 0.8%, hitting a price of $4,768.20. U.S. President Donald Trump stated on Monday that a ceasefire with Iran was “on life support” following Tehran’s reaction to a U.S. proposal aimed at concluding the conflict, which highlighted the significant distance remaining between the two parties on various matters.

Markets are paying close attention to Trump’s two-day trip to China this week, where he is set to discuss various issues with Xi, including the current conflict in the Middle East. Oil prices saw an increase in early Asian trading as the talks to address the conflict between the United States and Iran appeared fragile, maintaining concerns about supply. Investors are paying close attention to the U.S. Consumer Price Index data, which will be released later today, to assess the direction of the Federal Reserve’s interest rate policy moving forward.

Freeport-McMoRan shared on Monday that it still anticipates the Grasberg copper and gold mine in Indonesia will reach full production by the end of 2027. This statement reinforces a plan outlined last month and addresses speculation that the restart could be pushed into 2028. Spot silver rose by 0.2% to $86.27 per ounce, whereas platinum dipped by 0.2% to $2,127, and palladium decreased by 0.2% to $1,506.34.