Gold prices rose on Tuesday, May 12, as investors awaited the rapid developments in the Middle East, as well as global interest in the upcoming meeting between US President Donald Trump and his Chinese counterpart Xi Jinping during an official visit starting Wednesday, May 14, and extending over two days.
Spot gold rose 0.5% to $4,757 an ounce, while U.S. gold futures for June delivery rose 0.8% to $4,768 an ounce, Reuters reported.
The rally comes as gold continued to trade at historically high levels in May 2026, supported by rising demand for safe havens, rising central bank purchases, and geopolitical tensions boosting the yellow metal's rise.
Oil rises above $100 as supply concerns persist
Oil prices also rose at the start of Asian trading on Tuesday amid continued concerns about global supplies, especially as flows through the Strait of Hormuz remained constrained by tensions between the United States and Iran.
Brent crude futures rose 0.29% to $104.51 a barrel, while U.S. West Texas Intermediate crude climbed 0.32% to $98.38 a barrel.
Analysts believe that inconclusive negotiations between the United States and Iran, and continued restrictions on flows through the Strait of Hormuz, are keeping oil prices above the $100 level.
These developments are in line with the general trend witnessed by the markets during May 2026, as regional tensions and OPEC production declines contributed to boosting global oil prices.
Trump's Visit to China and Its Economic Impact
The US president's visit to China is of exceptional importance, as it comes at a time when the most sensitive economic and geopolitical issues on the international stage intersect.
The upcoming summit between Trump and Chinese President Xi Jinping will discuss a wide range of issues, most notably trade tensions between the two countries, the future of restrictions on technology and advanced chips, as well as the Taiwan file, which is a key focus of bilateral relations.
The agenda also includes the rapid developments in the Middle East, especially the impact of the war in Iran on oil flows through the Strait of Hormuz, which is directly reflected on global markets, where gold prices rose to $4,757 per ounce as demand for safe havens increased, while oil exceeded the $104 per barrel barrier amid fears of supply disruptions.
Analysts believe that the results of the visit may determine the course of the global economy in the coming months, whether by calming trade tensions and supporting markets, or through initial solutions that restore economic activity, and observers said that this visit may directly affect the movement of markets, starting with oil and gold, especially in light of investors' sensitivity to any political developments that may be reflected on the prices of commodities and currencies.