Gold prices are rising amid anticipation of US inflation data and trade negotiations developments.

Gold prices witnessed an increase during Wednesday's trading on June 11, amid the anticipation surrounding the markets as the release of US inflation data approaches, and the recent developments in the trade negotiations between the United States and China.

This rise coincided with the announcement by US and Chinese officials of reaching a "framework" to revive trade negotiations between the two countries, including easing restrictions on China's exports of rare earth metals, without indicating permanent solutions to the ongoing disputes.

US Commerce Secretary Wilbur Ross confirmed to reporters that the two parties agreed on a framework outlining the details of the agreement reached in Geneva last month, aiming to reduce mutual tariffs after reaching record levels.

Trade tensions between the two countries escalated last April with mutual tariffs, before Washington and Beijing agreed to reduce them after the recent talks.

In the markets, gold futures rose to $3361.7 per ounce, while the spot price rose to $3341.8 per ounce, with an increase of 0.6% for both.

On the other hand, the World Bank lowered its global economic growth forecast for 2024 to 2.3%, down by 0.4% from previous estimates, citing the impact of rising tariffs and increased political uncertainty on the global economy.

Markets are now awaiting the release of the US inflation report for May, which may affect the Federal Reserve's policy direction at its upcoming meeting next week, with most analysts expecting interest rates to remain unchanged.