Gold prices traded near record highs on Thursday as the precious metal remains supported by a weaker U.S. dollar and lower Treasury yields.
By 3:55 pm AEDT (4:55 am GMT) spot gold was trading $1.7 or 0.1% higher at US$2,868.82 per ounce, just below record highs of $2,882.31 set in the previous session.
Meanwhile, The U.S. dollar continues to face pressure amid easing global trade tensions, with markets looking past U.S.-China tariff risks.
Additionally, geopolitical developments, including talks between Trump and Israeli Prime Minister Benjamin Netanyahu on Middle East stability, have reduced the dollar’s safe-haven appeal.
Further weighing on the greenback, the Japanese Yen surged to a two-month high, driven by expectations of policy divergence between the Federal Reserve and the Bank of Japan.
Market participants now turn focus toward Friday’s U.S. nonfarm payrolls report, which could provide further clarity on the Fed’s policy path.
In the near term, gold traders will watch U.S. jobless claims and labour cost data, along with Federal Reserve commentary, for additional cues.
