Gold holds steady as investors lock in profits, dollar rises

Gold bars

Gold futures were little changed on Thursday as investors booked profits following a record-breaking rally driven by safe-haven demand amid escalating trade tensions.

June gold futures held steady at $3,345.3 an ounce as of 09:40 a.m. Mecca time, after surging more than 3% at the previous close.

Spot gold slipped 0.34%, or $11.2, to $3,331.92, though the metal remains on track for a weekly gain of nearly 3%.

July silver futures dropped 1.31% to $32.85 an ounce, while spot platinum fell 0.45% to $967.50.

The US dollar index, which gauges the greenback against a basket of six major currencies, rose 0.18% to 99.56.

Gold prices have climbed roughly 28% year-to-date, outpacing their 27% gain in 2024, as mounting fears of a recession linked to ongoing trade disputes continue to boost demand for safe-haven assets.

The US has launched formal trade negotiations with Japan, which is seeking to avoid higher tariffs. President Donald Trump said negotiators made significant progress during talks with Japanese officials.