On Thursday, gold and oil prices saw a rise driven by a weakening dollar and escalating geopolitical tensions surrounding anticipated discussions between the United States and Iran. Traders are closely watching these developments as they could significantly influence market dynamics. Recent trends indicate that market participants are adjusting their positions in anticipation of what the new round of negotiations in Geneva may yield.

Gold prices in spot transactions increased by 0.5%, reaching $5188.63 per ounce as of 07:45 GMT, following a peak not seen in over three weeks. However, US futures contracts for gold delivery in April dropped by 0.5% to $5202.06 per ounce. Analysts attribute the rise in gold prices to renewed uncertainties regarding US trade policy, especially concerning new tariffs, combined with geopolitical concerns and the depreciation of the dollar.

The decline of the US currency typically supports gold prices, as it makes the precious metal more affordable for holders of other currencies. Additionally, improved risk appetite following strong results from Nvidia has lifted investor sentiment, although markets remain cautious and await further details about US tariffs on imports. This situation underscores the interconnectedness of financial markets and geopolitical events, which are likely to drive investor behavior in the coming days.