𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

Gold is poised to mark its seventh consecutive month of gains, with its appeal as a safe haven asset bolstered by ongoing geopolitical tensions and concerns over US trade policy.

Spot gold saw a marginal dip of 0.1 per cent to to $5,181.18 per ounce by 8.37am GMT.

The metal has climbed 6.5 per cent so far in February, bringing gains for the seven months to a whopping 58 per cent. US gold futures for April delivery were up 0.1 per cent at $5,198.10

The benchmark 10-year yield concurrently fell to a three-month low, further decreasing the opportunity cost of holding non-interest-paying gold.

“There are two things (supporting gold). First is the tariff uncertainty which is there in the market right now, and on the other hand, the Iran and the US situation,” explained ANZ analyst Soni Kumari.

This comes as the United States and Iran engaged in indirect talks in Geneva on Thursday regarding their protracted nuclear dispute.

An Omani mediator reported progress, with technical-level discussions now scheduled for next week in Vienna.

“The latest rounds of talks have not produced a clear outcome, leaving geopolitical risks present but not escalating.

“This has kept gold at elevated levels, though it has not yet provided sufficient momentum to establish a sustainable bullish trend,” said Linh Tran, Senior Market Analyst at XS.com.

The US began collecting a temporary new 10 per cent global import tariff on Tuesday. However, the rate will rise to 15 per cent for some countries, US Trade Representative Jamieson Greer has said.

On the data front, the number of Americans filing new applications for jobless benefits increased slightly last week, but the unemployment rate was steady in February.

Spot silver XAG= rose 1.7 per cent to $89.87 per ounce, and was headed for a 6.2 per cent gain on the month.

Spot platinum XPT= climbed 4.1 per cent to $2,365.33 per ounce, a four-week high, while palladium XPD= gained 2.1 per cent to $1,821.28.