Gold prices stable: Iran agreement, Central Bank focus - Spot gold rose 0.3% to $4,321.43 by 9:59 AM, holding near weekly highs after Monday's gains. US gold futures fell 0.2% to $4,343.07.
Most central banks expect the dollar's share of global reserves to decline - Global central banks expect the dollar's share of global reserves to decline over the next five years, but plan to increase their gold holdings.
European diplomats see the summit as an opportunity to convince Trump that past US proposals for a settlement in Ukraine have been too favorable to Moscow.
European leaders at the G7 summit today will press Trump to reconsider his Ukraine strategy and warn that the shallow interim agreement with Iran risks entrenching Tehran's nuclear and ballistic missile programs.
Trump arrived in France on Monday evening after Washington and Tehran agreed to a preliminary deal to end the conflict, with a formal signing scheduled for Friday.
European diplomats see the summit as an opportunity to convince Trump that past US proposals for a settlement in Ukraine have been too favorable to Moscow. They want to make clear their willingness to negotiate with President Vladimir Putin while simultaneously tightening sanctions against Russia and increasing military support for Ukraine, emphasizing that "it is Moscow, not Kyiv, that is blocking progress."
Trump said he believes Putin and Zelenskyy are "open to doing something about this conflict." Zelenskyy will participate in the first session of the day, dedicated to "establishing peace in Ukraine," and may speak separately with Trump. On Monday, he stated that he had offered to meet with Putin at the G7 summit for talks on ending the conflict, but Putin was not ready to talk.
"Ukraine is holding the frontline and has even partially regained territory," European Commission President Ursula von der Leyen told reporters.
According to her, Ukraine has become one of the world's leaders in the production of advanced military equipment, while Russia is feeling the pressure of sanctions, and its economy has never been weaker.