Gold steady with US-China summit, Middle East developments in focus

Published Wed, May 13, 2026 · 10:33 AM

[BENGALURU] Gold prices held steady in early Asian trade on Wednesday (May 13) as investors stayed on the sidelines ahead of a key US-China summit in Beijing while keeping an eye on developments surrounding the Middle East conflict.

Spot gold was steady at US$4,713.39 per ounce, as at 9.00 am in Singapore. US gold futures for June delivery gained 0.7 per cent to US$4,721.80.

US President Donald Trump said on Tuesday that he does not think he will need China’s help to end the war with Iran, even as hopes for a lasting peace deal dwindled and Teheran tightened its grip over the Strait of Hormuz.

US Treasury Secretary Scott Bessent has said that President Trump and his Chinese counterpart Xi Jinping will discuss the Iran war, and urged China to “join us in this international operation” to open the Strait of Hormuz to international shipping.

Oil prices fell on Wednesday after three straight sessions of gains, as investors awaited developments around the fragile ceasefire in the Iran war.

Data showed that US consumer inflation increased further in April, with the annual rate posting its largest gain in three years, further bolstering expectations the US Federal Reserve would keep interest rates unchanged for a while.

The US Senate on Tuesday confirmed Kevin Warsh to a 14-year term as Federal Reserve governor, marking an important step towards his succeeding Jerome Powell as the US central bank’s next leader.

India has raised import tariffs on gold and silver to 15 per cent from 6 per cent as part of efforts to curb overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves.

Spot silver rose 1 per cent to US$87.40 per ounce, platinum slid 0.1 per cent to US$2,124.70, and palladium was up 0.4 per cent at US$1,497. REUTERS