Gold prices edged higher in Asian trading on Thursday as the U.S. dollar fell to a four-month low amid signs that President Donald Trump may be open to negotiating his recently imposed steep trade tariffs.
Spot Gold inched 0.1% higher to $2,921.42 per ounce, while Gold Futures expiring in April gained 0.1% to $2,929.49 an ounce by 01:15 ET (06:15 GMT).
Dollar falters on Trump auto tariff delay; US payrolls data awaited
Gold prices advanced as the US Dollar Index weakened 0.2% to a four-month low following President Donald Trump's decision to delay imposing auto tariffs on Canada and Mexico by one month.
The White House announced on Wednesday that Trump was open to considering more tariff exemptions after they took effect Tuesday.
This postponement is perceived as a potential softening of his trade stance, alleviating immediate concerns over escalating trade tensions.
The dollar's decline against major currencies makes gold, priced in dollars, more attractive to investors.
Additionally, gold is often viewed as a safe-haven asset during periods of economic uncertainty, and the recent trade policy adjustments have heightened its appeal.
Meanwhile, market participants exercised caution ahead of the upcoming U.S. payroll data, scheduled for release on Friday.
This report is anticipated to provide insights into the Federal Reserve's future interest rate decisions, especially in light of recent inflation data that has supported the Fed's hawkish stance.
Other precious metals were mixed. Platinum Futures slipped 1.1% to $973.76 an ounce, while Silver Futures inched 0.2% higher to $33.213 an ounce.
Source: Investing.com
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