Gold prices edged up on Monday in Asia along while the dollar was flat after the Thanksgiving week holiday. Market watchers are keeping an eye on the Fed’s policy outlook ahead of high-level U.S.-China trade talks on Friday, which could weigh on precious metals this week.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange traded 0.06% higher at $1,229.8 a troy ounce by 09:41 PM ET (02:41 GMT).  

U.S. President Donald Trump and Chinese President Xi Jinping are to meet at the G20 summit in Buenos Aires to discuss trade issues, and market watchers will be waiting to see if the two largest economies in the world will ease trade tensions.

If Washington and Beijing can come to terms, market sentiment will improve and demand for safe-haven assets such as gold will be lower.

Federal Reserve Chairman Jerome Powell will deliver a speech on Wednesday to address the economic outlook, which may give the dollar a boost. A firmer U.S. dollar makes dollar-denominated assets such as gold more expensive for foreign buyers, and vice versa.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.07% to 96.912. The dollar has been gaining momentum since late October.