Gold gains on softer dollar; Iran-US talks in focus

Gold prices edged higher on Thursday, boosted by a softer dollar and safe-haven demand amid uncertainty over US tariff policy and US-Iran talks.

Spot gold was up 0.4% at $5,192.28 per ounce, as of 0500 GMT. Bullion hit a more than three-week high on Tuesday.

“Price action reflects a re-pricing of fresh policy (tariff) uncertainty, geopolitical concerns, and a subdued dollar,” said Christopher Wong, a strategist at OCBC.

“Two-way consolidation is still likely in the interim as markets digest geopolitical (news), dollar moves, tariff surprises, and Fed policy uncertainty.”

The dollar began the day on the back foot, as better-than-expected earnings from Nvidia boosted investor confidence, while markets awaited details of the latest U.S. tariffs on imports.

A softer greenback makes dollar-denominated gold cheaper for holders of other currencies.

The US tariff rate for some countries will rise to 15% or higher from the newly imposed 10%, US Trade Representative Jamieson Greer said on Wednesday, without naming any specific trading partners or giving further details.

Markets currently expect three 25-basis-point rate cuts from the Federal Reserve this year, according to CME’s FedWatch Tool. FEDWATCH mInvestors awaited the weekly jobless claims data, due later in the day, for more clues on the Fed’s monetary policy path.

Iran and the US are scheduled to hold the latest round of talks in Geneva on Thursday aimed at resolving their longstanding nuclear dispute and averting new U.S. strikes on Iran following a large-scale military buildup.

Deutsche Bank, meanwhile, noted a resumption of outperformance by white metals versus gold. “This is supportive for our silver forecast of $100/oz at year-end, based on a gold-silver ratio of 60,” the bank said in a note dated Wednesday.

Spot silver edged 0.1% lower to $89.29 per ounce, after climbing to a three-week high on Wednesday.

“With oil prices near a six-month high, the energy sector has outperformed in 2026, but can it accelerate further?

Spot platinum added 0.3% at $2,292.83 per ounce, while palladium lost 0.2% to $1,791.79. Both metals hit three-week highs in the previous session.