Gold prices rose slightly in early trading on Thursday but still awaiting further positive momentum to break through the daily pivot point depicted at $5196. A break above the aforesaid pivot point could help prices head towards resistance levels of $5260 then $5295. Conversely, if the price got rejection from $5196, it may test the support levels of $5123 then $5087.
Gold prices ticked higher on Thursday, after finishing lower the previous session, as investors sought safe-haven bullion on heightened uncertainty over a widening Middle East conflict.
Market Watch
Iran warns oil could hit $200 a barrel
Iran warned that oil prices could climb to $200 a barrel, as it has ramped up retaliatory attacks on energy supplies with strikes on two foreign oil tankers in Iraqi waters.
Overnight, Brent crude prices set a high of $101.59 a barrel, despite the International Energy Agency agreeing to release a record 400 million barrels of oil from reserves into the global market.
Dollar hovers near 2026 highs
The U.S. dollar rose in early trading on Thursday to hover close to its highest level this year, as the soar in oil prices stoked inflation fears. Data released on Wednesday showed that U.S. consumer prices inflation stood at 2.4% in February, moving in line with forecasts.
Goldman Sachs pushed back its forecast for US Federal Reserve’s rate cuts, as it now expects quarter-point reductions in September and December, having previous forecast cuts would start in June.
US launches probe into trading partners
The US has launched a new investigation into some of its biggest trading partners, including the EU, China and India, after the Supreme Court struck down a key part of President Donald Trump’s tariffs policies last month.
The probe could allow the US to impose import taxes on goods from any of the countries found to have engaged in unfair trade practices, according to US Trade Representative Jamieson Greer.
Looking Ahead
Markets are gearing up for key U.S. data releases today at 13:30 GMT, with primary focus on the weekly jobless claims report.
Initial jobless claims may have risen to 214,000 last week from 213,000 a week before, according to median forecasts.