Gold edged higher on Thursday as uncertainty over US tariff policy, renewed geopolitical tension, and fresh US labour data supported safe-haven demand.
A softer dollar added to gains, while investors digested weekly jobless claims figures and monitored developments in US-Iran nuclear talks taking place in Geneva.
Spot prices held near recent highs after a strong rally this year, even as futures slipped slightly.
tariff policy and dollar moves
At the time of writing, spot gold rose 0.1% to $5,174.07 per ounce.
Earlier this week, bullion touched a more than three-week high. US gold futures for April delivery fell 0.7% to $5,190.30.
The US dollar eased, making dollar-denominated commodities cheaper for holders of other currencies.
That currency weakness provided additional support to bullion prices and helped offset pressure from slightly lower futures pricing.
Investors are watching closely for clarity on implementation timelines and scope, as changes in tariff policy can influence inflation expectations and global supply chains across major economies.
jobless claims rise modestly
US weekly jobless claims rose to 212,000 in the latest holiday-affected week, up from 208,000 previously.
The increase was modest, and claims remain relatively low by historical standards.
The data offered updated insight into labour market conditions at a time when investors are closely monitoring signs of economic resilience or slowing momentum.
Labour indicators remain central to expectations around growth and policy direction, particularly as markets evaluate how employment trends could affect broader financial conditions and consumer confidence.
US-Iran talks in focus
US envoy Steve Witkoff and Jared Kushner, President Donald Trump’s son in law, are due to meet an Iranian delegation in Geneva for a third round of nuclear talks.
In his State of the Union speech on Tuesday, Trump outlined the possibility of military action, saying he would not allow Iran to obtain a nuclear weapon.
The renewed diplomatic engagement comes amid persistent tensions between the two countries and heightened attention to regional stability.
Geopolitical uncertainty tied to the talks continues to support demand for gold, which is widely viewed as a store of value during periods of political and economic instability.
Record levels and other metals
Gold prices reached a record high of $5,594.82 on January 29 and are up around 20% so far this year.
Market participants have pointed to strong buying from Asia and central banks as a factor underpinning the rally, reinforcing longer-term demand trends alongside short-term volatility.
In other precious metals, spot silver fell 2.1% to $87.52 per ounce.
Spot platinum declined 0.5% to $2,275.65 per ounce, while palladium also slipped 0.5% to $1,785.79.
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