Gold prices edged higher in Asian trading on Thursday as a weaker dollar and U.S. trade tariff jitters supported safe-haven demand, while investors awaited the start of key nuclear talks between Washington and Tehran later in the day.
Spot gold was last up 0.6% at $5,196.55 an ounce by 01:40 ET (06:40 GMT). U.S. Gold Futures slipped 0.5% to $5,200.54/oz.
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The US Dollar Index slipped 0.2% during Asian hours, drifting away from recent one-month highs, making bullion more attractive to holders of other currencies.
US-Iran talks loom; tariff jitters persist Market participants are closely watching diplomatic developments as U.S. and Iranian officials prepare to meet in Geneva for renewed discussions over Tehran’s nuclear programme.
Any signs of escalating tensions or setbacks in negotiations could further boost demand for gold.
Traders are also assessing the impact of newly announced U.S. tariffs following a recent ruling by the U.S. Supreme Court that reshaped the legal framework for certain trade measures.
The introduction of fresh global levies of upto 15% has added to uncertainty over the global trade outlook.
Global markets await U.S. economic data later in the day, including weekly jobless claims figures, for further clues on the trajectory of monetary policy.
So far this year, bullion has remained well supported by persistent geopolitical tensions, central bank purchases 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 muted; platinum extends sharp gains Other precious and industrial metals were mixed on Thursday.
Silver prices traded flat at $89.41 per ounce after rising more than 2% in the previous session.
platinum climbed 1.3% to $2,307.60/oz after a more than 5% jump on Wednesday.
Benchmark Copper Futures on the London Metal Exchange edged up 0.1% to $13,349.33 a ton, while U.S.Copper Futures were muted at $6.02 a pound.
