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