Spot gold edges higher as dollar eases, investors eye U.S. payroll data

News Image

By MG News | March 06, 2025 at 12:53 PM GMT+05:00

0:00

March 06, 2025 (MLN): Gold inched up on Thursday, helped by a pullback in the U.S. dollar, while investors awaited U.S. non-farm payrolls data due later this week to assess the Federal Reserve's interest rate trajectory as global trade tensions escalated.

Spot gold firmed 0.07% to $2,915.76 an ounce as of [12:24 pm], while U.S. gold futures added 0.2% to $2,931.6.

The dollar index wallowed near a four-month trough as the U.S. exempted automakers from the 25% tariffs on Canada and Mexico for a month as long as they complied with existing free trade rules.

U.S. President Donald Trump is also open to hearing about other products that should be exempted from the tariffs, the White House added.

"A (possible) delay in the tariff war by the U.S. has pushed the dollar lower and, because of that, gold is supported," Reliance Securities' senior analyst Jigar Trivedi said.

"The broad undertone is really positive in gold", Jigar Trivedi added.

Trump's tariffs have strained relations with Canada, Mexico, and China. While Canada and China have responded with tariffs of their own on select U.S. imports, Mexico has vowed to retaliate, according to Reuters.

Worries over Trump's tariff policies pushed safe-haven gold to a record high of $2,956.15 on February 24 and helped it gain more than 11% year-to-date.

Gold is considered a hedge against political uncertainties and inflation, it further added.

"The $3,000 psychological level for gold appears increasingly within reach as prices resume their upward trajectory following a brief retracement," said IG market strategist Yeap Jun Rong.

The market now awaits the non-farm payrolls report, which is expected to show a gain of 160,000 jobs for February, economists surveyed by Reuters said.

Spot silver eased 0.2% to $32.56 an ounce, platinum added 0.1% to $966.95, and palladium shed 0.1% to $941.25.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,390.00 109,445.00
105,440.00
3640.00
3.44%
BRENT CRUDE 68.23 68.40
66.94
1.12
1.67%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.49 66.70
65.23
1.04
1.59%
SUGAR #11 WORLD 15.45 15.97
15.44
-0.25
-1.59%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg