Gold prices rise on Thursday

Gold prices rose on Thursday amid safe-haven demand driven by escalating Middle East conflict, while a firmer dollar and US monetary policy concerns limited gains.

Spot gold climbed 0.6 per cent to $5,168.43 per ounce, with April US futures up 0.9 per cent at $5,179.20. Israel launched strikes on Tehran after Iranian missiles sent millions of Israelis into bomb shelters, intensifying market uncertainty.

Hamad Hussain, commodities economist at Capital Economics, noted that conflict supports gold demand, but higher energy prices and potential Fed rate hikes restrain further upside.

The US dollar rose 0.3 per cent, while oil prices surged, feeding inflation worries. Spot silver increased 0.5 per cent to $83.80, platinum gained 1.1 per cent to $2,172.20, and palladium fell 0.7 per cent to $1,662.07. Markets await US jobless claims and February employment data for further monetary policy signals.

Attribution: Reuters