Gold steadies as markets await US‑Iran nuclear talks, Tariff news in focus
|- Market participants are closely watching diplomatic developments as U.S. and Iranian officials renewed talks in Geneva on Tehran’s nuclear program.
- US and Iran to hold talks in Geneva later in the day; Iran seeks to separate nuclear and non‑nuclear issues.
- U.S. tariffs for some countries to rise to 15%, says Greer.
- Initial jobless claims rose by 4,000 to a seasonally adjusted 212,000 for the week ended Feb. 21.
- Markets still anticipate two Fed rate cuts this year.
- Silver fell 2.65% to $86.85 per ounce.
Gold held steady Thursday as investors awaited the third round of indirect U.S.–Iran talks in Geneva for signs of easing geopolitical tensions.
Spot gold was up 0.2% at $5,173.65/oz at 12:47 pm ET (1747 GMT; U.S. April gold futures were down 0.3% at $5,190.70.
U.S. tariff rates for some countries will rise to 15% or higher from the newly imposed 10%, U.S. Trade Representative Jamieson Greer said Wednesday, without naming specific trading partners or providing further details.
CME FedWatch:
Current Target Rate = 3.50 - 3.75
· CME FedWatch March no rate change probabilities have moved higher to 96% today from 84.6% on January 26, 2025.
Technical analysis perspective:
Gold / US Dollar:
· Gold is challenging a nearby resistance around $5,200 - $5,250.
· Prices are in a consolidation phase before rolling higher $5,300.
· A dip to $5,110 to $5,086 is likely before a rally.
· A sustain move below $5,086 would negate the upside outlook.
Gold 4 hourly chart:
Gold/Silver Ratio:
· The gold–silver ratio measures how many ounces of silver are needed to buy one ounce of gold (gold price ÷ silver price), a key gauge of relative value and potential moves.
· It is back to 59.60% after hitting 72.60% early February.
Gold/Silver Ratio Monthly chart:
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