Gold Jumps Amid Fresh Tariff Threats And US-Iran | Commodities
(RTTNews) – Gold climbed increased on Thursday amid renewed threats of a tariff struggle, simmering US-Iran geopolitical tensions, and softer US jobs knowledge.
Front Month Comex Gold for June supply gained $59.60, or 1.8 p.c, to $3,380.90 per troy ounce immediately. This is the fifth highest close in gold price historical past.
Front Month Comex Silver for June supply gained 4.70 cents, or 0.1 p.c, to $36.213 immediately.
In a vital development yesterday, US President Donald Trump mentioned that, within the coming weeks, he’s going to ship letters to nations trading with US, setting unilateral tariffs even forward of the July 9 deadline he had already set for negotiations.
Adding to geopolitical pressure, the US has begun evacuating non-essential workers from its Baghdad embassy. This transfer comes after Trump’s assertion the place he mentioned that he felt much less assured of a US-Iran nuclear deal. He added, nevertheless, that the US wouldn’t enable Iran to have nuclear weapons. Iranian protection minister responded to this saying Iran would assault US bases if there may be a battle.
According to knowledge launched by the Labor Department, US Producer Prices edged up 0.1 p.c for May 2025, in comparison with forecasts of a 0.2 p.c increase.
In addition, knowledge from the US Labor Department revealed that the initial jobless claims within the US held regular at 248,000 for the primary week of June opposite to market expectations of a drop to 2,40,000.
Continuing jobless claims jumped by 54,000 to 1,956,000 within the week ending May thirty first.
All these knowledge indicated a gentle US labor market amid ongoing financial uncertainty. The US Dollar fell immediately to more than three-year low.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
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