Gold Approaches $5,200 Amid U.S.-Iran Talks

Gold prices rose on Thursday to $5,188.82 per ounce, supported by a decline in the dollar and increased demand for safe havens amid uncertainty surrounding U.S. tariff policy and ongoing negotiations between the United States and Iran.

Analysts' Expectations

Some analysts see the possibility of gold reaching $6,000 per ounce this year. OCBC analyst Christopher Wong stated that the price movements reflect "the uncertainty surrounding the new tariff policy and geopolitical concerns along with the dollar's decline."

Dollar Decline and Price Support

The dollar began the session lower, supported by better-than-expected earnings from Nvidia, while markets await details on the latest U.S. tariffs on imports. The dollar's decline makes gold priced in dollars cheaper for holders of other currencies, boosting demand.

U.S.-Iran Talks Anticipation

Iran and the United States are set to hold a new round of talks in Geneva, aimed at resolving the dispute over Iran's nuclear program and avoiding any potential U.S. strikes following extensive military reinforcements.

Performance of Other Precious Metals

In contrast, other metals saw declines:
Silver: down 2.76% to $88.47 per ounce after hitting a three-week high on Wednesday.
Platinum: down 0.5% to $2,274.16 per ounce.
Palladium: down 1.4% to $1,770.05 per ounce, after reaching a three-week high in the previous session.

Gold prices have risen amid caution among investors, as political and geopolitical developments remain the main drivers of precious metal prices in the coming period.