FX.co ★ Gold Falls to 1-Week Low

Gold prices fell to approximately $3,300 per ounce on Monday, marking the third straight session of decline and reaching their lowest point in a week. This downturn comes as markets anticipate a new series of trade discussions between the United States and China. Following the much-anticipated telephone conversation between President Donald Trump and President Xi Jinping last Thursday, senior negotiators from Washington and Beijing are scheduled to meet in London later today. This meeting has sparked optimism that the world's two largest economies might make headway in resolving the disputes that have unsettled markets throughout the year. Contributing to the downward pressure on gold was Friday's stronger-than-expected U.S. jobs report, which alleviated some worries regarding a potential economic slowdown in the United States and tempered expectations for imminent interest rate cuts by the Federal Reserve this year. However, gold's decline may be limited by the intensifying conflict between Russia and Ukraine. Notably, Russia conducted a significant drone and missile assault on Kyiv and other areas of Ukraine early Friday, following Ukraine's surprise attack on Russian air bases.