Gold prices slightly up amid stable US dollar

Gold bars

Gold prices witnessed a marginal hike today, March 10, as the US dollar stabilized on elevated demand for safe havens amid concerns about trade tensions.

April gold futures rose slightly by 0.11%, or $3.20, to $2,917.3 per ounce at 10:59 am Makkah time, while spot prices held ground at $2,909.32 apiece.

In addition, May silver futures climbed by 0.81% to $33.08 per ounce, with platinum spot prices also up 0.25% to $971.54 an ounce.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, remained flat at 103.87 points.

In an interview with Fox News, US President Donald Trump demurred when asked whether the US economy might face a recession. However, he indicated that his economic agenda could cause short-term turmoil.

“There are mounting downside risks to growth, while US foreign policy is also a source of uncertainty, boosting the appeal for gold,” Capital.com financial market analyst Kyle Rodda said, Reuters reported.

He continued, “I think $3,000 is a level we will breach soon — probably in the next couple of months at the latest.”