Gold prices remain stable as investors await Fed meeting and new US trade deals

According to Reuters, investors will be monitoring the progress of US trade negotiations with China on Monday and awaiting the Federal Reserve (Fed) meeting scheduled for next week. In this regard, gold prices are holding within a narrow range.

KCM Trade analyst Tim Waterer says the dollar started the week hesitantly, giving the yellow metal room to grow as the United States' tariff deadline approaches. The expert believes that if no new trade deals are concluded by August 1, gold could rise to $3,400 or even higher.

US Secretary of Commerce Howard Lutnick remains optimistic about reaching an agreement with the European Union. Some reports suggest that Trump may visit China before the Asia-Pacific Economic Cooperation summit. Additionally, a meeting with Chinese leader Xi Jinping is likely to occur on the sidelines of the event in South Korea.

Last week, Federal Reserve member Christopher Waller said the US central bank should lower borrowing costs at its meeting next week. Gold usually benefits from lower interest rates.