Khaberni - Gold rose by more than 1% on Thursday, hovering near its highest levels for a week, supported by ongoing geopolitical and economic tensions, which also boosted silver and palladium prices.
In spot transactions, gold increased by 1.1% to $5016.89 per ounce. The precious metal hit an all-time high of $5594.82 last Thursday. U.S. futures contracts for gold delivery in April rose by 1.8% to $5036.80 per ounce.
On the geopolitical front, Iran and the United States agreed to hold talks in Oman tomorrow, Friday, according to officials from both sides. However, disagreements continue between them; while Washington insists that the negotiations must include Tehran's missile arsenal, Iran is adamant about discussing only its nuclear program.
The number of jobs in the private sector in the United States increased by only 22,000 in January, much lower than economists' expectations of a 48,000 increase, according to data from "ADP". Weak labor market conditions usually lead to calls for interest rate cuts to support job creation.
Investors expect at least two interest rate cuts by 2026 from the Federal Reserve (U.S. Central Bank). Precious metals, which yield no returns, typically perform better during times of low-interest rates.
Silver in spot transactions increased by 2.1% to $89.88 per ounce and reached an all-time high of $121.64 last week. Platinum in spot transactions went up by 2.1% to $2272.55 per ounce, having recorded an all-time high of $2918.80 on January 26, while palladium prices increased by 0.7% to $1787.55.
