Gold prices rise on Thursday

Gold prices rose 0.4 per cent on Thursday to $5,190.01 per ounce by 0816 GMT, supported by uncertainty over US tariff policy and ongoing tensions with Iran, while investors awaited further details on US Iran nuclear talks and weekly US jobless claims data.

Bullion, which hit a more than three week high on Tuesday, drew safe haven demand as the US dollar eased, making dollar denominated commodities more affordable for holders of other currencies. US gold futures for April delivery fell 0.4 per cent to $5,206.80.

Market sentiment remained underpinned by geopolitical risks after US envoy Steve Witkoff and Jared Kushner were scheduled to meet an Iranian delegation in Geneva for a third round of nuclear talks. President Donald Trump reiterated in his State of the Union address that he would not allow Iran to obtain a nuclear weapon.

Additional support came from trade concerns after US Trade Representative Jamieson Greer said tariff rates for some countries would rise to 15 per cent or higher from the newly imposed 10 per cent, without naming specific partners.

Gold, which reached a record $5,594.82 on January 29, has gained 20 per cent so far this year, with continued strong buying from Asia and central banks.

Among other precious metals, spot silver fell 1.4 per cent to $88.18 per ounce, platinum rose 0.9 per cent to $2,308.11, and palladium gained 0.3 per cent to $1,800.14.

Attribution: Reuters