Emre Yumlu 
Gold prices moved modestly higher as a weaker U.S. dollar and rising geopolitical uncertainty reinforced demand for safe-haven assets. Investors have grown increasingly cautious amid ongoing ambiguity surrounding U.S. tariff policy and an anticipated round of talks between Iran and the United States. This environment has encouraged a defensive allocation toward precious metals.
Spot Gold Holds Firm Above Recent Highs
Spot gold climbed to $5,197 per ounce, marking a 0.60% daily gain. Earlier in the week, the metal tested its highest level in more than three weeks, maintaining a constructive upward bias. In contrast, April gold futures in the United States slipped 0.3% to $5,208.80 per ounce, reflecting a degree of short-term positioning adjustments in the derivatives market.
The divergence between spot and futures pricing suggests that while immediate demand remains resilient, some traders are reassessing forward expectations amid macroeconomic crosscurrents.
Dollar Weakness Offers Support
The U.S. dollar index remained subdued despite stronger-than-expected earnings from Nvidia, which typically would have bolstered broader risk appetite and supported the currency. Instead, the dollar’s softness made dollar-denominated gold more attractive for investors holding other currencies.
Market strategists attribute the recent price action to a combination of renewed tariff uncertainty, geopolitical tensions, and repricing in foreign exchange markets. Expectations surrounding central bank policy are also shaping sentiment. According to CME FedWatch data, investors anticipate three 25-basis-point rate cuts from the Federal Reserve this year. Upcoming weekly jobless claims data could provide additional clarity on the Fed’s policy trajectory.
Tariff Concerns and Geneva Talks in Focus
Trade policy remains a key variable. The U.S. Trade Representative signaled that the existing 10% tariff on certain countries could be raised to 15% or higher, though no specific nations were identified. The lack of detail has kept global trade outlook concerns alive.
Meanwhile, diplomatic developments are unfolding in Geneva, where Iranian and U.S. officials are set to meet following prolonged nuclear disputes and regional tensions. The outcome of these discussions may influence risk perception across Middle Eastern markets and beyond.
Silver, Platinum, and Palladium Performance
Among other precious metals, silver eased 0.1% to $89.29 per ounce after reaching a three-week high in the previous session.
Platinum advanced 0.3% to $2,292.83, while palladium declined 0.2% to $1,791.79. Both metals had recently touched three-week peaks.
In the current climate, movements in the dollar and geopolitical headlines are likely to remain central drivers of precious metal pricing dynamics.
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