Gold rebounds from over one-week low as dollar weakens

Gold bars

Gold prices rose on Tuesday, recovering from their lowest level in more than a week touched in the previous session, as appetite for riskier assets waned and the US dollar softened.

June gold futures climbed 1.1%, or $35.5, to $3,263.5 an ounce, while spot prices gained 0.65%, or $21.58, to $3,257.97 an ounce by 8:27 a.m. Makkah time.

The US dollar index — which measures the greenback against a basket of six major currencies — fell 0.25% to 101.51.

In other precious metals, July silver futures rose 1.85% to $33.23 an ounce. Spot platinum edged up 0.7% to $989.81, and palladium added 0.15% to $950.47.

The gains came after the US and China reached a deal in Geneva to slash US tariffs on Chinese imports to 30% from 145%, while Chinese tariffs on American goods were cut to 10% from 125%.

Traders now await US consumer price index data due later today, which could offer fresh clues on the Federal Reserve’s monetary policy path.