By 0045 GMT, the price of gold in spot transactions increased 0.3 percent to $4,699.87 per ounce. US gold futures for June delivery settled at $4,707.90.
As for other precious metals, the price of silver in spot transactions fell 0.4 percent to $87.31 per ounce. The price of platinum rose 0.7 percent to $2,151.38, and the price of palladium increased 0.4 percent to $1,506.19.
Trump intends to hold a series of meetings with Xi in Beijing with the aim of achieving economic gains, maintaining a fragile trade truce, and discussing thorny issues such as the Iran war.
The dollar fell, making gold priced in the US currency cheaper for holders of other currencies.
Producer prices in the United States recorded their largest increase in four years in April, driven by rising costs of goods and services, in the latest sign of accelerating inflation amid the Middle East conflict.
The US Senate approved the appointment of Kevin Warsh as Chairman of the Federal Reserve at a time when the US central bank is facing increasing inflation that may make it difficult to lower interest rates as Trump demands.
Boston Fed President Susan Collins told the Wall Street Journal that she expects inflation pressures resulting from the war with Iran to eventually subside, and that the current shock has obscured evidence that core inflation is still on the downward trend. (Gulf)
