Gold Jumps Amid Fresh Tariff Threats And US-Iran Conflict

(RTTNews) - Gold climbed higher on Thursday amid renewed threats of a tariff war, simmering US-Iran geopolitical tensions, and softer US jobs data.

Front Month Comex Gold for June delivery gained $59.60, or 1.8 percent, to $3,380.90 per troy ounce today. This is the fifth highest close in gold price history.

Front Month Comex Silver for June delivery gained 4.70 cents, or 0.1 percent, to $36.213 today.

In a significant development yesterday, US President Donald Trump said that, in the coming weeks, he is going to send letters to nations trading with US, setting unilateral tariffs even ahead of the July 9 deadline he had already set for negotiations.

Adding to geopolitical tension, the US has begun evacuating non-essential staff from its Baghdad embassy. This move comes after Trump's statement where he said that he felt less confident of a US-Iran nuclear deal. He added, however, that the US would not allow Iran to have nuclear weapons. Iranian defense minister responded to this saying Iran would attack US bases if there is a conflict.

According to data released by the Commerce Department, US Producer Prices edged up 0.1 percent for May 2025, compared to forecasts of a 0.2 percent increase.

In addition, data from the US Labor Department revealed that the initial jobless claims in the US held steady at 248,000 for the first week of June contrary to market expectations of a drop to 2,40,000. Continuing jobless claims jumped by 54,000 to 1,956,000 in the week ending May 31st.

All these data indicated a soft US labor market amid ongoing economic uncertainty. The US Dollar fell today to more than three-year low.