Gold held steady near $4,000 an ounce as traders assessed a U.S.-China trade truce that has done little to ease concerns over long-term competition between the world’s two largest economies.

Spot gold trimmed losses after falling as much as 0.8% on Friday during Asian trading. Chinese President Xi Jinping, in his first public comments following a meeting with U.S. President Donald Trump, emphasized the importance of stable supply chains.