Gold Shimmers Amidst U.S.-Iran Tensions and Jobless Claims Drop

Gold prices surged on Thursday as investors weighed the continuous tensions between the U.S. and Iran. A noted decline in U.S. jobless claims hinted at labor-market stability just days before crucial inflation data is expected. Spot gold rose 0.6% to $5,007.46 per ounce by the late morning.

The rise in gold prices comes amid discussions among U.S. national security advisers at the White House regarding U.S. forces and Iran. While there is progress in talks with Iran, significant challenges persist. Historically, geopolitical tensions tend to favor gold due to its status as a safe haven.

The Federal Reserve meeting minutes, released this week, revealed a split among policymakers about the future monetary path. Investors now focus on the release of the Personal Consumption Expenditures Price Index, anticipating its impact on the Fed's policy. Other precious metals experienced mixed movements: silver saw a notable rise, while palladium declined.