Gold futures rose 0.3% on Thursday, extending a modest recovery after President Donald Trump indicated recent U.S. strikes on Iran would be short-lived, easing energy-price risks that had fueled inflation concerns.
The front-month gold contract on the COMEX was last trading at $4,429.21 per ounce, while spot gold held near $4,400, last quoted at $4,384.21. The metal had gained roughly 1% in the prior session after three consecutive days of declines, with an intraday peak of 1.6% on Wednesday.
Silver declined 0.1% to $65.26 per ounce, while platinum was little changed at $1,760.62. The U.S. Dollar Index remained flat at 99.57, with the yen modestly stronger at 158.66 per dollar.
Federal Reserve officials offered mixed signals on policy. John Williams, president of the Federal Reserve Bank of New York, said recent data show U.S. inflation is easing as the impact of tariffs fades, and that higher energy prices are not spreading into broader services inflation. His remarks contrasted with hawkish comments from Fed Governor Kevin Warsh at the Jackson Hole symposium last Friday, which had boosted expectations for a potential rate hike.
The ADP employment report showed U.S. private payrolls added just 38,000 jobs in August, missing expectations and underscoring a cooling labor market. The data follows a recent surge in oil prices, with Brent crude at $95.18 per barrel and WTI at $90.74, though Trump’s remarks helped temper gains.
Market participants are now eyeing the Fed’s next policy meeting, scheduled in about two weeks, for further clues on the trajectory of interest rates amid evolving inflation dynamics and geopolitical developments.
