Gold prices moved modestly higher on Thursday, supported by safe-haven demand as investors navigated uncertainty surrounding U.S. trade tariffs and awaited upcoming nuclear discussions between Washington and Tehran.
At 05:00 ET (10:00 GMT), spot gold gained 0.5% to $5,188.77 per ounce, while U.S. gold futures declined 0.4% to $5,204.49 per ounce.
Focus turns to U.S.-Iran talks amid tariff uncertainty
Investors are closely monitoring geopolitical developments as U.S. and Iranian representatives prepare to meet in Geneva later in the day for renewed negotiations over Iran’s nuclear programme.
Markets remain sensitive to any signs of heightened tensions or stalled diplomacy, which could strengthen demand for defensive assets such as gold.
At the same time, traders continue to evaluate the implications of newly introduced U.S. tariffs following a recent Supreme Court decision that altered the legal framework governing certain trade measures.
The rollout of additional global levies of up to 15% has added another layer of uncertainty to the outlook for international trade.
Attention later in the session will turn to incoming U.S. economic data, including weekly jobless claims, which investors hope will provide further insight into the future path of monetary policy.
So far this year, bullion prices have remained well supported by ongoing geopolitical risks, steady central bank buying and portfolio diversification flows.
“Gold has now recovered more than half of the losses seen during the sharp sell-off late last month,” ING analysts said in a note.
“Geopolitical risks remain a key upside factor; any escalation in tensions involving Iran is likely to add further support and reinforce gold’s role as a hedge against shocks,” they added.
Silver and platinum retreat after recent rallies
Other precious and industrial metals retreated on Thursday, giving back part of their recent advances.
Silver fell 4% to $87.37 per ounce after gaining more than 2% in the previous session.
Platinum declined 1.5% to $2,298.95 per ounce following a surge of more than 5% on Wednesday.
Meanwhile, benchmark copper futures on the London Metal Exchange slipped 0.1% to $13,315.0 per ton, while U.S. copper futures eased 0.2% to $6.0315 per pound.