Gold prices rose on Thursday as geopolitical uncertainty and trade war concerns boosted safe-haven demand, with low trading volumes expected as US markets are closed for the Thanksgiving holiday, reports Reuters.
Spot gold was up 0.4 per cent to $2,645.41 per ounce at 1205 GMT. US gold futures were up 0.3 per cent to $2,644.70. Bullion posted its deepest one-day decline in more than 5 months on Monday.
Geopolitical risks remain elevated with ongoing war in Russia-Ukraine, and while an Israel-Hezbollah ceasefire is in force, Israel's contingencies for retaliation keep tensions alive, said Aneeka Gupta, director of macroeconomic research at WisdomTree.
US President-elect Donald Trump's pledge to hit Canada and Mexico with tariffs was also having an effect, she added. "It did increase a bit of concern on the possible repercussions from these two countries. So that continues to remain an important support factor for gold."
However, Trump's tariff plans are also seen as potential drivers of inflation, which could prompt the US Federal Reserve to slow its interest rate cutting, potentially limiting any further rally in non-yielding bullion.
Spot silver was steady at $30.07 per ounce, platinum rose 0.4 per cent to $930.75 and palladium gained 0.8 per cent to $979.81.
© 2025 - All Rights with The Financial Express
