Gold Prices Experience Uptick Amid Dollar Weakness and Global Uncertainty
Gold prices witnessed an increase during trading on March 3, 2025, primarily driven by a weakened dollar and ongoing geopolitical tensions surrounding peace efforts in Ukraine. Concerns regarding customs policy also bolstered demand for the precious metal, reinforcing its reputation as a safe haven investment.
As of 06:03 Baghdad time, spot gold rose by 0.3 percent, trading at $286.76 per ounce. Meanwhile, US gold futures saw a more substantial gain, rising 1.1 percent to reach $2880.50 per ounce.
The dollar index experienced a decline of 0.4 percent, falling from its highest level since early February recorded in the preceding session. This depreciation made gold relatively more affordable for investors holding other currencies.
In the realm of other precious metals, platinum decreased by 0.2 percent to $945.45 per ounce. Conversely, palladium saw a rise of 1 percent, trading at $928.54 per ounce. Silver also experienced a gain, with spot prices increasing by 0.5 percent to $31.30 per ounce.
The current market dynamics suggest that ongoing economic and geopolitical challenges are influencing investor behavior, particularly towards secure assets like gold and other precious metals.
