Gold treads water as market focus turns to G-7 meeting
Metal holds steady as investors remain cautious ahead of the Group of Seven meeting, the Federal Reserve policy meeting and the US-North Korea summit
Bengaluru — Gold prices held steady on Friday as investors remained cautious ahead of a Group of Seven (G-7) meeting starting later in the day and other key events next week such as a US Federal Reserve policy meeting and a US-North Korea summit. Spot gold was steady at $1,296.36/oz by 4.15am GMT. It hit a one-week high of $1,303.08/oz in the previous session and has risen about 0.3% for the week so far. US gold futures for August delivery fell 0.2% to $1,300.40/oz. "Gold is most likely going to be range-bound. The markets are looking very closely on what could actually come out from the G-7 meeting," said OCBC analyst Barnabas Gan. Leaders of the Group of Seven rich nations headed for a summit in Canada on Thursday more divided than at any time in the group’s 42-year history, as US President Donald Trump’s "America First" policies risk causing a global trade war and deep diplomatic schisms. Trump is set to meet North Korean leader Kim Jong-un on June 12 in Singapore, and the US Fed...
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