FX.co ★ XAU/USD, GOLD

XAU/USD As investors await word from the conference between Trump and Xi in Beijing, gold is trading at about $4,700 with no discernible bias.Trump said that the first meeting with Xi, held earlier on Thursday, was "great".Precious metals are being impacted by worries about the brittleness of Iran's ceasefire and growing expectations of Fed rises.As investors await the outcome of a two-day summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, in Beijing, gold (XAU/USD) is trading flat during a relatively quiet market session on Thursday.The Greenback is being supported by safe-haven flows brought on by the uncertainty surrounding the Iran truce and rising US Treasury yields in the wake of scorching US inflation data earlier in the week. However, traders are hesitant to make firm decisions until the conclusion of the crucial summit in China. After two hours of talks earlier on Thursday, Trump confirmed that the first meeting with Xi was "great." Both leaders agreed on the necessity of reopening the Strait of Hormuz, whose blockade has increased oil prices by more than 40%, according to Reuters reports quoting White House sources. The most contentious topic on the agenda, Taiwan's status, was not brought up during the meeting, according to the same source.Following its rebound from the after $4,500 range last week, XAU/USD continues to consolidate without a discernible bias. While the Moving Average Convergence Divergence (MACD) is still in negative territory but is narrowing, indicating lessening downside momentum, the 4 hour Relative Strength Index (RSI) is holding around the 50 line, suggesting a neutral tone.