Safe-haven gold firms on elevated trade tensions
US weekly jobless claims fall unexpectedly in latest week
(Updates prices for US early-morning session)
By Ashitha Shivaprasad and Anushree Mukherjee
July 10 (Reuters) - Gold prices nudged higher on Thursday as rising trade tensions steered market participants toward the safety of bullion, though gains were limited by an uptick in the dollar.
Spot gold was up 0.4% to $3,326.48 per ounce by 1307 GMT. U.S. gold futures gained 0.4% to $3,335.10.
"I think generally the whole metals complex is up because of the knock-on effects of copper being tariffed," said Daniel Pavilonis, senior market strategist at RJO Futures.
"However, there is limited upside seen unless a significant geopolitical escalation occurs."
U.S. President Donald Trump launched a further tariff assault on Wednesday, announcing a new 50% tariff on U.S. copper imports and a 50% duty on goods from Brazil, both to start on August 1.
There is a "rising appeal for gold among emerging economy nations, which see the metal's counterparty-free qualities as attractive in a world burdened by persistent geopolitical risk," Paul Wong, Market Strategist at Sprott Asset Management said in a note.
Minutes from the Federal Reserve's June meeting showed only "a couple" of officials said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from tariffs.
Limiting price upside, the U.S. dollar index drifted 0.2% higher. Gold tends to lose appeal when the U.S. dollar strengthens, as it becomes more expensive for investors holding other currencies. On the data front, the number of Americans filing new applications for jobless benefits unexpectedly fell last week, suggesting employers may be holding on to workers despite other indications of a cooling labor market.
Among other metals, spot silver rose 1.4% to $36.82 per ounce.
"Breaking above the $35 level increases the likelihood of reaching the $40 target," Wong added.
Platinum gained 0.3% to $1,350.95, and palladium climbed 3.5% to $1,144.40.
(Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru;Editing by Elaine Hardcastle)
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