Asian gold prices remained steady in early trading and may consolidate in the short term.

Gold was stable in early trading in Asia. Spot gold held steady at $3,446.70 per ounce. The commodity strategist at ANZ Bank's research department wrote in a report that the price of gold may consolidate in the short term, before rebounding again towards $3,600 per ounce by the end of the year. They stated that the recent upward trend in gold, which has been strongly supported by trade uncertainties, is losing momentum as the US-China trade negotiations are ongoing. They said that a strong catalyst is needed to push gold prices past historical highs. They also stated, "We believe that macroeconomic data may take over as the main driving force."