Investing.com – Gold prices slid on Tuesday despite the dollar traded slightly lower against a basket of major currencies.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $5.7, or 0.4%, to $1,298.0 a troy ounce by 12:42AM ET (04:42 GMT).
Gold prices eased from the $1,307.80 level hit on Friday as U.S. President Donald Trump appeared to confirm on Monday that the summit with North Korean leader Kim Jong-un is now back on track, days after pulling out of the meeting last week.
Meanwhile, Prime Minister Shinzo Abe is planning to meet U.S. President Donald Trump at the G-7 conference in Quebec on June 8-9, reports on Tuesday suggested, adding that South Korean President Moon Jae-in is considering to travel to Singapore for a three-way summit with North Korean leader Kim Jong-un and Trump next month.
The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 94.32, down 0.03%. The dollar index climbed to this year’s high at 94.43 overnight, after news emerged that an on-again-off-again U.S.-North Korea summit is back on track.
"The yellow metal will look to consolidate above $1,300 to resume a push higher, while down-side support sits around $1,295. That (Italy concerns) is providing a little bit of support but is a minor factor at the moment," MKS trader Samuel Laughlin said in a note.
"At the moment investors are sitting on the sidelines and are not really confident enough to put on any aggressive positioning."