Gold is trading quietly in the Monday session, hugging the $1300 level. In the North American session, the spot price for one ounce of gold is $1298.76, down 0.24% on the day. On the release front, U.S banks are closed for the Memorial Day holiday. On Tuesday, the US releases CB Consumer Confidence.
Is the summit on or off? Gold prices dropped close to 1 percent on Thursday, following reports that the summit between President Trump and North Korean leader Kim Jong-un had been canceled. Trump sent a letter to Kim, saying that he could not go ahead with the meeting, scheduled for June 12 in Singapore, after particularly harsh comments by the North Korean leader. For its part, Pyongyang was restrained in its response, saying that it still looked forward to resolving outstanding issues with the US. There are now growing expectations that the summit, scheduled for June 12 in Singapore, could still take place. The White House has sent a team to Singapore in case the summit is back on, and neither side will deny or confirm whether the meeting will take place. Meanwhile, the leaders of South Korea and North Korea met on the weekend. That meeting was completely unexpected and raises hopes of a breakthrough in the long conflict between the two Koreas. If the summit between Kim and Trump does take place, investor sentiment could soar, which could weigh on safe-haven gold.
