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PRECIOUS-Gold hovers near four-week peak on weaker dollar, trade concerns
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PRECIOUS-Gold hovers near four-week peak on weaker dollar, trade concerns
Jun 2, 2025 6:18 PM

June 3 (Reuters) - Gold edged up to hit a near four-week

high on Tuesday, as a weaker dollar and rising uncertainty over

the U.S.-China trade deal boosted demand for the safe-haven

asset.

FUNDAMENTALS

* Spot gold inched up 0.1% at $3,381.13 an ounce, as

of 0038 GMT, after hitting its highest level since May 8 earlier

in the session.

* The metal gained about 2.7% in the previous session,

marking its strongest daily performance in more than three

weeks.

* U.S. gold futures was up 0.3% to $3,406.10.

* The U.S. dollar index touched a more than one-month

low, making gold cheaper for buyers holding other currencies.

* U.S. President Donald Trump and Chinese President Xi

Jinping will likely speak this week, White House said on Monday,

days after Trump accused China of violating an agreement to roll

back tariffs and trade restrictions.

* The European Commission said on Monday it would make a

strong case this week for the United States to reduce or

eliminate tariffs even after Trump said he would double import

duties on steel and aluminium to 50%.

* The Trump administration wants countries to provide their

best offer on trade negotiations by Wednesday as officials seek

to accelerate talks with multiple partners ahead of a

self-imposed deadline in just five weeks, according to a draft

letter to negotiating partners seen by Reuters.

* Meanwhile, Russia told Ukraine at peace talks on Monday

that it would only agree to end the war if Kyiv gives up big new

chunks of territory and accepts limits on the size of its army,

according to a memorandum reported by Russian media.

* Elsewhere, spot silver fell 0.4% to $34.67 an

ounce, platinum rose 0.4% to $1,067.40 and palladium

was up 0.2% to $990.76.

DATA/EVENTS (GMT)

0145 China Caixin Mfg PMI Final May

0900 EU HICP Flash YY May

0900 EU HICP-X, F, E, A, T Flash MM, YY May

0900 EU Unemployment Rate April

1400 US Factory Orders MM April

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