Gold prices snapped a four-day losing streak in Asian trading on Thursday, as an expected Federal Reserve rate cut provided a little support, while the lack of details on trade progress after Donald Trump’s meeting with Xi Jinping also provided support.

Spot gold was last up 1% at $3,967.03 an ounce by 02:51 ET (06:51 GMT), while U.S. Gold Futures slipped 0.4% to $3,983.10.

Gold prices fell in the last four consecutive sessions, reaching a three-week low earlier this week. The metal has plunged from last week’s record levels above $4,300/oz amid increased profit-taking and weaker safe-haven demand.

Fed rate cut supports gold; cautious tone limits upside

The Fed trimmed its benchmark rate by a quarter point to a range of 3.75%-4.00%, as expected.

The move briefly pressured the dollar and boosted non-yielding bullion, though gains were capped after Fed Chair Jerome Powell said a further cut in December was “far from a foregone conclusion.”

Powell’s cautious tone tempered optimism among traders betting on a more extended easing cycle, limiting gold’s upside. 

Trump-Xi meeting ends without major breakthrough

Meanwhile, geopolitical headlines added another layer of support. Trump and Xi held an “amazing” meeting on Wednesday in Busan, South Korea, where Trump said the two sides agreed to cut U.S. tariffs on Chinese goods to 47% from 57%.

He also announced that China would resume large purchases of U.S. soybeans and ease restrictions on rare-earth exports.

However, no concrete details of an agreement were provided on these contentious issues, such as semiconductor, agricultural exports. Markets were left awaiting specifics before pricing in any durable progress.

The lack of clarity on trade policy, coupled with the Fed’s dovish shift, helped lift gold off recent lows below $3,900/oz. 

Metal markets mixed; Copper falls after record high

Other precious and industrial metals were mixed on Thursday as investors assessed multiple macro factors.

Silver Futures dropped 0.7% to $47.605 per ounce, while Platinum Futures rose 0.7% to $1,594.80/oz.

Benchmark Copper Futures on the London Metal Exchange slipped 1.3% to $11,019.20 a ton, while U.S. Copper Futures declined 0.7% to $5.17 a pound.

Copper hit a record on the LME on Wednesday of $11,200.4/ton.

"Copper is rallying due to mounting supply disruptions, most recently Freeport’s declaration of force majeure at its giant Grasberg mine in Indonesia, and the wider risk-on mood ahead of the Trump-Xi meeting," ING analysts said in a note.