2019.05.0814:58:00UTC+00Gold Futures Settle Lower

Gold prices drifted lower on Wednesday, snapping a three-day winning run, as traders looked to pick up riskier assets such as equities ahead of a fresh round of trade talks between the U.S. and Chinese officials on Thursday and Friday.

The dollar is up slightly against some peers. The dollar index rose to 97.68 and was last seen around 97.60, up slightly from previous close.

Gold futures for June ended down $4.20 at $1,281.40 an ounce.

On Tuesday, gold futures for June ended up $1.80, or 0.1%, at $1,285.60 an ounce.

Silver futures for July settled at $14.862 an ounce, down $0.064 from previous close.

Copper futures for July ended down $0.0110, at $2.7745 per pound.

On the trade front, the Trump administration's plans to raise tariffs on Chinese goods as early as Friday continues to weigh on sentiment.

The threat of higher tariffs has led to concerns about global economic growth and the potential for higher costs to be passed on to U.S. consumers.

President Donald Trump noted in a post on Twitter that Chinese Vice Premier Liu He will be a part of the talks, claiming the high-ranking official is "coming to the U.S. to make a deal."

"We'll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers...great for U.S., not good for China!" Trump tweeted.

Trump also claimed China is attempting to renegotiate terms of a trade deal in order to strike a new deal with a Democratic president that continues to rip off the U.S.

Meanwhile, Chinese trade data proved to be a mixed bag. While exports unexpectedly shrank 2.7 percent in April from a year earlier, imports surprised with their first increase in five months.