Economy Update – Baghdad
Gold prices saw a slight increase today, Thursday, bolstered by a decline in the US dollar as investors anticipate upcoming non-agricultural job data.
The price of gold rose by 0.1 percent in immediate trading to $1,292.86 per ounce as of 03:20 GMT, while US gold futures experienced a 0.2 percent increase, reaching $1,293.60.
According to Gigzar Trevidy, a senior analyst at Ryleins Securities, “The potential deferment of the customs duties conflict by the United States has pressured the dollar downward, thereby supporting gold prices.”
Concerns surrounding Trump’s customs policies have stabilized gold at approximately $1,295.15 per ounce since February 24, contributing to gains of over 11% year-to-date.
Gold serves as a hedge against both political uncertainty and inflation.
Market strategist Yip John Rong from IG commented, “The psychological barrier of $1,300 for gold is increasingly within reach as prices resume their upward trajectory following a brief correction.”
The market is currently focused on the forthcoming non-agricultural job report, which is expected to indicate an increase of 160,000 jobs in February.
In other metal markets, silver experienced a decline of 0.2 percent, settling at $32.56 per ounce, while platinum saw a modest gain of 0.1 percent to $966.95. Conversely, palladium dipped by 0.1 percent to $941.25.
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