Gold steadied near $4,700 an ounce on Thursday, pausing a two-day slide as investors focused on the meeting between US President Donald Trump and Chinese President Xi Jinping. Trump said Xi had agreed to help on Iran "with whatever" he needs, while Xi reported progress in trade negotiations but cautioned that tensions over Taiwan could strain relations and even risk conflict.
Markets also weighed US data showing import and export prices rose more than expected last month, the largest monthly increase since March 2022, driven by higher fuel import costs and stronger nonagricultural export prices. Retail sales grew 0.5%, matching forecasts. After a run of hotter-than-expected consumer and producer price readings, investors have now largely abandoned expectations for US rate cuts this year, and futures are pricing in nearly a 30% probability of a rate hike by December.