Gold prices slipped in Asian trade on Tuesday as investors shifted toward risk assets, buoyed by positive sentiment from ongoing U.S.-China trade discussions in London.

Spot Gold: ↓ 0.8% to $3,308.32/oz

Gold Futures (August): ↓ 0.8% to $3,327.75/oz

Silver Futures: ↓ 0.4% to $36.66/oz

Platinum Futures: ↓ 0.1% to $1,224.60/oz

Risk Appetite Erodes Haven Demand
Gold had seen a solid run-up over the past few weeks as geopolitical tensions, particularly between Russia and Ukraine, and concerns over U.S. trade and immigration policy drove haven flows.But the tide shifted on Monday as high-level trade talks between Washington and Beijing began with a constructive tone, temporarily restoring confidence in global markets.
This softening in uncertainty prompted a reallocation of capital toward riskier assets, reducing gold’s near-term appeal.
Dollar Strength Adds Pressure
The dollar strengthened ahead of a key U.S. CPI release due Wednesday, weighing further on gold. A stronger dollar makes dollar-denominated commodities like gold more expensive for foreign investors.
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Outlook Hinges on Inflation Data
The next leg for gold could be dictated by the U.S. inflation print. If inflation surprises to the upside, it could complicate rate cut expectations—potentially offering some support for gold despite waning geopolitical fears.