China, EU Discuss ‘Level Playing Field’ on Trade, EU’s Sefcovic Says

Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
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China, EU Discuss ‘Level Playing Field’ on Trade, EU’s Sefcovic Says

Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)
Maros Sefcovic, the nominee to become the European Union's trade and economic commissioner, holds a press conference after hearings, in Brussels, Belgium November 4, 2024. (Reuters)

Chinese Commerce Minister Wang Wentao met visiting European Trade and Economic Security Commissioner Maros Sefcovic for a discussion that Sefcovic said on Saturday included a "level playing field" on trade.

China's commerce ministry described the Friday meeting as a frank and pragmatic exchange of views.

Sefcovic posted on X that it was necessary to ensure the EU-China "relationship is based on a level playing field, in terms of trade flows as well as investment, with symmetrical markets opening".

The Slovak commissioner also met with China's economy tsar on Friday during his first trip to Beijing since being confirmed late last year.

Top officials in Beijing and Europe are looking for common ground despite long-running trade disputes as the US administration of President Donald Trump threatens to upend transatlantic ties and global trade.



Gold Gains on Soft Yields; Focus on Trump-Zelenskiy Meeting

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Gains on Soft Yields; Focus on Trump-Zelenskiy Meeting

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices eked out gains on Monday, helped by lower US Treasury yields, while market players awaited US President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy and European leaders later in the day.

Spot gold gained 0.4% to $3,348.28 per ounce, as of 0840 GMT on Monday, after hitting its lowest level since August 1. US gold futures for December delivery rose 0.3% to $3,393.40.

"The firm tone to gold prices has returned today with the market nudging the $3,350 level (as) the combination of soft yields and a weaker dollar would for sure create a tailwind for gold," said independent analyst Ross Norman.

Benchmark 10-year US Treasury yields fell from more than two-week highs.

On the geopolitical front, European leaders are set to join Zelenskiy for talks with Trump later on Monday to discuss how to approach a possible deal to end the war between Russia and Ukraine.

Russia would relinquish tiny pockets of occupied Ukraine and Kyiv would cede swathes of its eastern land which Moscow has been unable to capture, under peace proposals discussed by Russia's Vladimir Putin and Trump at their Alaska summit on Friday, sources briefed on Moscow's thinking said.

"Front-running the geopolitical news would be unwise just now given that almost any outcome is conceivable. If there was a sense that tensions over Ukraine were easing, then we might expect some modest softness in gold prices," Norman added.

Investors are also looking ahead to the Federal Reserve's annual symposium in Jackson Hole, Wyoming for more cues on Fed's interest rate path.

Economists polled by Reuters largely expect the Fed to announce a rate cut in September, its first this year, with a possible second cut by year-end.

Non-yielding bullion, considered a safe-haven asset during periods of geopolitical and economic uncertainty, tends to perform well in a low-interest-rate environment.

Elsewhere, spot silver was up 0.2% at $38.08 per ounce, platinum was steady at $1,335.06 and palladium was up 0.6% at $1,118.92.