- Gold prices remained steady on Thursday and stayed close to their three-month highs, as the U.S. dollar faced downward pressure after President Donald Trump avoided imposing swift tariffs at the start of his second term.

- Spot gold held largely unchanged at $2,755.14 per ounce, near its highest level since late October, while gold futures for February delivery fell 0.3% to $2,763.39 per ounce.

- The yellow metal posted three consecutive days of gains this week as safe-haven demand increased, with traders assessing Trump’s policies. His policies are expected to boost inflation, making gold a preferred hedge against rising prices.

- The dollar saw a sharp drop on Monday. It remained relatively weak throughout the week after Trump refrained from providing details about implementing U.S. trade tariffs, offering additional support to gold prices.

- On Tuesday, Trump announced he was considering a 10% tariff on Chinese imports starting February 1 and pledged tariffs on the European Union, suggesting a gradual imposition of these measures.

- Higher tariffs are likely to reduce trade imbalances and increase inflation in the U.S., both dollar-positive factors.

- Typically, a stronger dollar leads to lower gold prices, making the precious metal more expensive for buyers using other currencies.

- The rise in gold prices also reflects market anticipation of global uncertainty, with Trump’s policy announcements and tariff plans expected to heighten market volatility.

- Meanwhile, platinum futures dropped 0.7% to $964.30 per ounce, while silver futures fell 0.6% to $31.218 per ounce.
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