Gold is trading at a higher level at the start of the European session today, Wednesday, June 11, ignoring positive news from the China meeting amid market anticipation of US inflation figures this evening. Gold is trading at the start of today’s European session, up about 0.69%, trading at $3,345 per ounce. Silver is trading at $36.52 per ounce, down 0.10% after hitting a 13-year high during trading yesterday, Tuesday, at $36.80.

The Chinese and American sides concluded the ongoing talks, which lasted approximately 20 hours in London, on a positive note. They established a framework for implementing last month’s Geneva agreement, which agreed to reduce tariffs. US Commerce Secretary Howard Lutnick indicated that we can now move forward in trying to build positive relations and expand trade. The Chinese side pledged to expedite shipments of rare earths to auto and defense companies, while Washington pledged to ease export controls.

Markets ignored this positivity, with US stock futures trading in negative territory before the opening, with safe haven prices rising. It remains up to US President Donald Trump and Chinese President Xi Jinping to accept or reject the agreement. Furthermore, the talks have offered little sign of resolving the ongoing dispute between the world’s two largest economies.

Markets are awaiting inflation figures, represented by the Consumer Price Index (CPI) for May, this evening. Expectations indicate a 0.2% monthly increase in May, unchanged from April’s reading, and a 2.5% annual increase from 2.3% in April. Markets will closely monitor these figures due to their importance and impact on the Federal Reserve’s monetary policy in the coming period. Expectations so far indicate that the Fed will keep interest rates unchanged at its meeting next week, while markets are pricing in two rate cuts during the remainder of the year, in September and December.

Platinum, meanwhile, is trading at $1,259, up about 3.12%, its highest level since May 2021, while palladium is up about 2.44%, trading at $1,086.