Gold futures rose for a third straight session Tuesday for their highest settlement since late February, as financial markets await a meeting later this week between President Donald Trump and Chinese President Xi Jinping.
Gold for June delivery GCM7, +0.32% rose $4.40, or 0.4%, to settle at $1,258.40 an ounce, its highest settlement since Feb. 27. Over the recently completed first quarter, gold gained 8.6%.based on its most active contract.
Often viewed as a haven, gold also found a floor ahead of a highly anticipated employment report due Friday that could hold further clues for the pace of interest-rate hikes, especially in light of other recent softening data.
“Gold has been profiting not only from the weak U.S. vehicle sales figures in March, which have weighed on sentiment among market participants, but also from falling stock markets and lower bond yields,” said Carsten Fritsch and the commodities team at Commerzbank, in a note.
“What is more, gold ETFs also recorded inflows of four [metric] tons,” Fritsch added.