Tell us what you think: What's the play for gold after last week's spike?

Key Points
  • Gold last week rose from its lowest levels in 2018.
  • The precious metal broke through the $1,300 per ounce level after U.S. President Donald Trump canceled a meeting with North Korea.
  • Prices eased on Monday following news that delegations from both countries had met.
AP

Gold last week rose from its lowest levels in 2018, buoyed by fresh trade-related concerns and geopolitical jitters.

The yellow metal had firmed last week after U.S. President Donald Trump said he was not satisfied with bilateral trade talks with China, although Treasury Secretary Steve Mnuchin said the countries were "putting the trade war on hold."

The precious metal, regarded as a safe-haven asset during periods of uncertainty, broke through the psychological $1,300 per ounce level after Trump canceled a meeting with North Korean leader Kim Jong Un scheduled in June.

However, weekend developments, including news that delegations from the U.S. and North Korea met on Sunday, gave rise to optimism that the summit could potentially take place as planned. That news saw the metal trade more than 0.2 percent lower in early Asian trade.

Spot gold gained around 0.7 percent in the last week. For the year, however, the metal has slipped around 0.3 percent.