Gold prices edged higher on Thursday as uncertainty over US tariff policy increased gold’s appeal as a safe-haven asset, while investors awaited further details of US-Iran talks later in the day.
As of 0816 GMT, spot gold was up 0.4% at $5,190.01 an ounce. On Tuesday, bullion was at its highest in more than three weeks.
US gold futures for April delivery fell 0.4% to $5,206.80.
The value of the US dollar has fallen, making dollar-denominated products more affordable for holders of other currencies.
“Continued tensions between Iran and the US and uncertainty around the global economy due to President Trump’s tariffs are bullish catalysts,” said Carlo Alberto de Casa, an external analyst at banking group Swissquote.
U.S. Special Envoy Steve Witkoff and President Trump’s son-in-law Jared Kushner are scheduled to meet with the Iranian delegation for the third round of nuclear talks in Geneva later that day.
President Trump briefly made the case for a possible attack on Iran in his State of the Union address on Tuesday, saying he would not allow the country he described as the world’s largest sponsor of terrorism to acquire nuclear weapons.
Non-yielding gold is seen as a safe store of value in times of geopolitical and economic uncertainty.
U.S. Trade Representative Jamieson Greer said Wednesday that U.S. tariffs on some countries will increase from a new 10% to more than 15%, but he did not mention specific trading partners or provide further details.
Gold prices hit a record high of $5,594.82 on January 29 and are up 20% so far this year.
“The global gold rush appears to be far from over… overall sentiment remains positive with strong buying from Asia and central banks,” de Casa said.
On the data front, investors are awaiting weekly US jobless claims data to be released later in the day.
Spot silver fell 1.4% to $88.18 an ounce. Spot platinum rose 0.9% to $2,308.11 an ounce, and palladium rose 0.3% to $1,800.14.
