US tariffs against Mexico that were scheduled to start today have been "indefinitely suspended," US president Donald Trump tweeted on the weekend, announcing an agreement with the neighbouring country.
Meanwhile China's trade data due out later today will be keenly watched for the impact of Sino-US trade tensions, Reuters noted.
Base metals closed lower on the London Metal Exchange on Friday.
Nickel is the only metal "notably up on the year, still at 8.7% mtm", Marex Spectron noted.
The gold price has eased from its 14-month high reached on the spot market last week of about US$1,348 an ounce and was trading earlier about $1,328/oz.
Among the mining majors, who were asked to outline their tailings management details in response to ethical investors by June 7, Barrick Gold (TSX: ABX) was off 0.4% on Friday.
Rio Tinto (LSE: RIO) closed down the same amount in London, while Newmont Goldcorp (NYSE: NEM) gained 1% in New York.
BHP (ASX: BHP) closed up more than 2% on Friday. The ASX is closed for a public holiday today.
