Gold prices moved slightly higher during Asian trading on Thursday, supported by a softer U.S. dollar and renewed concerns over U.S. trade tariffs. Investors also focused on upcoming nuclear talks between Washington and Tehran, which could influence safe-haven demand.
Spot gold rose 0.6% to $5,196.55 per ounce as of 01:40 ET (06:40 GMT), while U.S. gold futures declined 0.5% to $5,200.54 per ounce. The U.S. Dollar Index slipped 0.2%, retreating from recent one-month highs and making gold more attractive for investors holding other currencies.
Attention is now turning to diplomatic discussions between U.S. and Iranian officials in Geneva regarding Iran’s nuclear program. Any escalation in geopolitical tensions or setbacks in negotiations could provide further support for gold prices.
At the same time, markets continue to assess the impact of newly introduced U.S. tariffs. Following a recent Supreme Court ruling that altered the legal basis for certain trade measures, fresh global tariffs of up to 15% have increased uncertainty over the global economic outlook.
Investors are also awaiting key U.S. economic data later in the day, including weekly jobless claims, which could offer additional signals about the future direction of Federal Reserve monetary policy.
So far this year, gold has remained well supported by ongoing geopolitical risks, steady central bank purchases, and portfolio diversification flows. Analysts at ING noted that gold has recovered more than half of the losses recorded during last month’s sharp sell-off. They added that geopolitical developments, particularly involving Iran, remain a major upside risk and could reinforce gold’s role as a hedge against global shocks.
In other metals, price movements were mixed. Silver traded flat at $89.41 per ounce after gaining more than 2% in the previous session. Platinum extended its rally, rising 1.3% to $2,307.60 per ounce after surging over 5% on Wednesday.
Copper prices showed modest gains. London Metal Exchange copper futures edged up 0.1% to $13,349.33 per ton, while U.S. copper futures were little changed at $6.02 per pound.
