Gold holds modest gains as investors await U.S.-Iran nuclear negotiations

Gold prices traded slightly higher on Thursday as safe-haven demand persisted amid uncertainty over U.S. trade policy and ahead of renewed nuclear talks between the United States and Iran.

At 05:00 ET (10:00 GMT), spot gold advanced 0.5% to $5,188.77 per ounce, while U.S. gold futures slipped 0.4% to $5,204.49 per ounce.

Markets focus on diplomacy and trade risks

Investor attention remained firmly on geopolitical developments as officials from Washington and Tehran prepared to meet in Geneva later in the day for fresh discussions surrounding Iran’s nuclear programme.

Markets are closely watching for any signs of rising tensions or stalled negotiations, developments that could increase demand for traditional safe-haven assets such as gold.

At the same time, traders continued to assess the fallout from newly introduced U.S. tariffs following a recent Supreme Court ruling that reshaped the legal basis for certain trade actions.

The introduction of additional global tariffs of up to 15% has heightened uncertainty surrounding the outlook for international trade.

Later in the session, investors will also monitor incoming U.S. economic indicators — including weekly jobless claims — for signals about the likely direction of monetary policy.

So far this year, gold has remained supported by persistent geopolitical uncertainty, ongoing central bank purchases and diversification flows from investment portfolios.

“Gold has now recovered more than half of the losses seen during the sharp sell-off late last month,” ING analysts said in a note.

“Geopolitical risks remain a key upside factor; any escalation in tensions involving Iran is likely to add further support and reinforce gold’s role as a hedge against shocks,” they added.

Silver and platinum pull back after recent advances

Other precious and industrial metals moved lower on Thursday, surrendering part of their recent gains.

Silver declined 4% to $87.37 per ounce after climbing more than 2% in the previous session.

Platinum dropped 1.5% to $2,298.95 per ounce following a rally of more than 5% on Wednesday.

Benchmark copper futures on the London Metal Exchange edged down 0.1% to $13,315.0 per ton, while U.S. copper futures eased 0.2% to $6.0315 per pound.