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

Gold prices edged higher on Thursday, buoyed by a softer dollar and safe-haven demand fuelled by uncertainty surrounding U.S. tariff policy and U.S.-Iran talks.

FUNDAMENTALS

* Spot gold was up 0.3% at $5,184.43 per ounce by 0110 GMT. Bullion hit a more than three-week high on ‌Tuesday.


* U.S. gold ⁠futures ⁠for April delivery were down 0.5% at $5,199.20.

* The dollar began the day on the back foot, as better-than-expected earnings from Nvidia boosted investor confidence and markets awaited details of the latest U.S. tariffs on imports of foreign goods. [USD/]

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

* ⁠The U.S. ‌tariff rate for some countries will rise to 15% or higher from the newly imposed 10%, ⁠U.S. 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]

* Investors await the weekly jobless claims data due later in the day for more cues on the Fed's ‌monetary policy path.

* Iran and the U.S. 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.

* Spot silver rose 0.1% to $89.49 per ounce, after climbing to a three-week high on Wednesday.

* Spot platinum edged 0.3% higher to $2,294.30 per ounce, while palladium gained 0.8% to $1,809.62. Both metals reached three-week highs in the previous session.

DATA/EVENTS (GMT)

0500 Japan Leading Indicator Revised Dec

1000 EU Consumer Confid. Final Feb

1330 US Initial Jobless Clm 21 Feb