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Gold slips ahead of North Korea summit, expected Fed rate action

June 11, 2018

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Gold futures slipped Monday as a wait-and-see mood took over ahead of the much-touted meeting over North Korea’s nuclear power and two major central bank decisions on the docket this week.

August gold GCQ8, -0.02% fell $3.70, or 0.3%, to $1,298.80 an ounce. The metal had managed a modest weekly return of about 0.3% last week after challenging the closely watched $1,300 line.

“Market participants are already looking ahead,” said Carsten Fritsch, analyst at Commerzbank, in a note. “Tomorrow will see U.S. President Donald Trump and North Korean leader Kim Jong Un meet in Singapore. If agreement were to be reached there, geopolitical risks in the region would probably decrease, resulting in less demand for gold as a safe haven.”

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