ع
The Emirates News Agency reported that gold prices edged higher on Thursday with spot gold climbing 0.4 percent to $5,023 per ounce at one point in early trading. US gold futures for delivery in the near term also posted modest gains of 0.3 percent to $5,045 per ounce, the agency added in its market update. The movement aligns with broader trends in precious metals where silver and platinum similarly advanced amid shifting currency valuations.
A separate assessment by Reuters indicated that the US dollar index had fallen 0.2 percent against a basket of major currencies, providing a tailwind for dollar-denominated commodities including gold. Market participants have increasingly priced in the possibility of a Federal Reserve rate cut at its next meeting, a development that typically bolsters non-yielding assets. Central banks around the world continued their steady accumulation of gold reserves throughout the first half of 2026, according to World Gold Council figures that place net purchases at more than 500 tonnes.
Silver prices followed gold higher, rising 0.6 percent to $58.75 per ounce while platinum gained 0.5 percent to $1,120 per ounce, the Emirates News Agency noted in the same briefing. These increases reflect sustained investor interest in precious metals as a hedge against potential economic slowdown signals emerging from recent US jobs data. Trading volumes remained elevated on major exchanges in London and New York as participants positioned ahead of upcoming inflation reports.
The World Gold Council has reported that total gold demand reached 2,450 tonnes in the first six months of the year, a 3 percent increase from the prior comparable period, driven largely by investment inflows and central bank activity. jewellery demand in major Asian markets has shown resilience despite higher prices, the council’s data shows. Industrial uses for platinum and silver have also expanded in line with growth in electronics and automotive sectors.
Analysts at Bloomberg have projected that average gold prices could exceed $5,100 per ounce by year-end if the Federal Reserve proceeds with anticipated easing measures. The metal has posted cumulative gains of roughly 22 percent so far in 2026, outpacing many other asset classes amid ongoing geopolitical uncertainties. Market watchers continue to monitor developments in major economies for further signals on the trajectory of interest rates.
In the wider commodities landscape, oil prices held steady near recent highs, providing additional context for investor sentiment toward hard assets, according to concurrent updates from the International Energy Agency. Gold’s safe-haven appeal has remained intact even as equity markets traded in positive territory on Thursday. Participants will look to next week’s slate of economic indicators for confirmation of the current pricing in rate expectations.
