Gold Prices Rise Amidst Tariff Uncertainty and Dollar Weakness
Gold prices saw a moderate increase, driven by dollar softness and geopolitical uncertainties involving U.S. tariffs and U.S.-Iran negotiations. Spot gold climbed to a three-week peak, influenced by tariff policy reevaluations and geopolitical tensions. Investors keenly await U.S. jobless claims data and Federal Reserve rate decisions.
In a climate of geopolitical tension and economic uncertainty, gold prices experienced a notable uptick on Thursday, supported by a weakening dollar and heightened safe-haven demand. Spot gold rose by 0.3%, reaching $5,183.85 per ounce at 0258 GMT, its highest level in over three weeks.
Despite initial gains, U.S. gold futures for April delivery saw a slight dip by 0.5% to $5,200.50. Analysts attribute the price fluctuations to recent U.S. tariff policy adjustments and ongoing geopolitical issues, particularly between the United States and Iran.
Meanwhile, the market anticipates further insights into the Federal Reserve's monetary policy direction, with expectations of three rate cuts this year as traders prepare for jobless claims data. The metals market also noted silver's performance, with Deutsche Bank predicting a significant rise, supported by a favorable gold-silver ratio.
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