Gold edges higher as dollar weakens and Iran-US talks draw attention

Gold prices inched up on Thursday, supported by a softer US dollar and continued safe-haven demand amid uncertainty over US tariff policy and ongoing talks between Washington and Tehran.

Spot gold rose 0.3 percent to $5,184.43 per ounce by 0110 GMT, after reaching a more than three-week high earlier in the week. US gold futures for April delivery slipped 0.5 percent to $5,199.20.

The dollar weakened at the start of the session, following stronger-than-expected earnings from Nvidia, which lifted broader investor sentiment. Markets are also awaiting further details on the latest US tariffs on imported goods.

A weaker dollar makes gold, which is priced in the US currency, less expensive for buyers using other currencies, supporting demand.

On Wednesday, US Trade Representative Jamieson Greer said tariff rates for certain countries would rise to 15 percent or higher, up from the recently introduced 10 percent level. He did not specify which trading partners would be affected.

Traders are currently pricing in three quarter-point interest rate cuts by the Federal Reserve this year, according to CME’s FedWatch tool. Investors are also looking ahead to weekly US jobless claims data later in the day for further signals on the central bank’s policy direction.

Meanwhile, Iran and the United States are holding another round of talks in Geneva aimed at resolving their long-running nuclear dispute and preventing new US military action following a recent buildup of forces in the region.

Among other precious metals, spot silver gained 0.1 percent to $89.49 per ounce after hitting a three-week high in the previous session. Platinum rose 0.3 percent to $2,294.30, and palladium advanced 0.8 percent to $1,809.62, with both also reaching three-week highs earlier.