Gold prices rose on Wednesday (March 5), supported by a weaker US dollar, as investors awaited official US jobs data due later this week for more details on the Federal Reserve's monetary policy.
At the close of trading on March 5, spot gold edged up 0.1% to $2,919.54 an ounce. Gold futures added 0.2% to $2,927.50 an ounce.
The US dollar index fell 1.2%, hitting its lowest level since November 2024, making greenback-denominated gold less expensive for buyers holding other currencies.
Concerns about US President Donald Trump's tariff policies have pushed gold prices to an 11th record high this year, peaking at $2,956.15 an ounce on February 24, and up 11% year-to-date.
In a speech to the US Congress late on March 4, Mr. Trump said he would impose additional tariffs on April 2, including reciprocal tariffs and non-tariff actions to balance a long-standing trade imbalance. The move would follow new 25% tariffs on most imports from Canada and Mexico that took effect on March 4, along with a doubling of tariffs to 20% on Chinese goods.
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The ADP jobs report showed that private sector job growth in the US slowed in February. Economists polled by Reuters expect the US economy to have added 160,000 jobs in February, when official US employment data is released on March 7.
At the close of trading on March 5, spot gold edged up 0.1% to $2,919.54 an ounce. Gold futures added 0.2% to $2,927.50 an ounce.
The US dollar index fell 1.2%, hitting its lowest level since November 2024, making greenback-denominated gold less expensive for buyers holding other currencies.
Concerns about US President Donald Trump's tariff policies have pushed gold prices to an 11th record high this year, peaking at $2,956.15 an ounce on February 24, and up 11% year-to-date.
In a speech to the US Congress late on March 4, Mr. Trump said he would impose additional tariffs on April 2, including reciprocal tariffs and non-tariff actions to balance a long-standing trade imbalance. The move would follow new 25% tariffs on most imports from Canada and Mexico that took effect on March 4, along with a doubling of tariffs to 20% on Chinese goods.
Third-party advertising. Not an offer or recommendation by Investing.com. View disclaimer here or remove ad.
The ADP jobs report showed that private sector job growth in the US slowed in February. Economists polled by Reuters expect the US economy to have added 160,000 jobs in February, when official US employment data is released on March 7.
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