Gold rises to one-week high

Gold hit a more than oneweek peak on Monday as trade tensions between the United States and China lifted appetite for assets seen as a haven from risk, while weak U.S. economic data boosted hopes for a rate cut from the Federal Reserve. Spot gold inched up 0.1% to $1,285.60 per ounce by 0940 GMT.

The metal touched $1,287.32 earlier in the session, its highest since May 17. US gold futures were 0.2% higher at $1,285.60 an ounce. US President Donald Trump said on Monday he was “not yet ready” to make a deal with China, hinting that the world’s biggest economies are far from a trade agreement.

Among other precious metals, silver was up 0.1% at $14.57 per ounce. Platinum eased 0.1% to $801.50 an ounce and palladium fell 0.3% to $1,331.60.