Gold Prices Experience Modest Rise Amid Dollar Decline
Gold prices saw a slight increase on Thursday, attributed to a decline in the value of the US dollar, as investors look ahead to the release of upcoming non-agricultural job data.
In immediate trading, gold edged up by 0.1% to reach $2,928.86 per ounce by 03:20 GMT, while US gold futures rose by 0.2% to $2,931.60.
“The anticipated delay in the imposition of customs duties by the United States has led to a weakening of the dollar, which in turn has provided support for gold,” noted Gigzar Trevidy, a senior analyst at Ryleins Securities.
Concerns surrounding former President Trump’s customs policies have driven gold to a notable level of $2,956.15 per ounce on February 24, contributing to an increase exceeding 11% since the start of the year.
Gold continues to serve as a reliable hedge against political uncertainty and inflationary pressures.
“The psychological threshold of $3,000 per ounce for gold is becoming increasingly attainable as prices resume their upward trajectory following a short-term correction,” commented Yip John Rong, a market strategist at IG.
The market is currently poised for the non-agricultural job report, with expectations indicating a rise of 160,000 jobs in February.
In related market activities, silver prices dipped by 0.2% to $32.56 per ounce, platinum recorded a slight increase of 0.1% to $966.95, while palladium decreased by 0.1% to $941.25.
| Metal | Change (%) | Price (per ounce) |
|---|---|---|
| Gold | +0.1 | $2,928.86 |
| Silver | -0.2 | $32.56 |
| Platinum | +0.1 | $966.95 |
| Palladium | -0.1 | $941.25 |
