Gold Jumps Sharply Amid Fresh Tariff Threats

(RTTNews) - Gold climbed higher on Thursday amid renewed threats of a tariff war, simmering US-Iran geopolitical tensions, and a softer U.S. jobs data. Front Month Comex Gold for June delivery gained $59.60 (or 1.79%) to $3380.90 per troy ounce. Front Month Comex Silver for June delivery gained 4.70 cents (or 0.13%) to $36.213 today. In a significant development, U.S. 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 U.S. 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 however had added that US would not allow Iran to have nuclear weapons. Iranian defense minister responded to this saying Iran would attack U.S. bases if there is a conflict. According to data released by the U.S. Commerce Department, producer prices have edged up 0.1 percent for May 2025, compared to forecasts of a 0.2 percent increase. Also, the US Labor Department revealed that the initial jobless claims in the U.S. held steady at 2,48,000 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 19,56,000 in the week ending May 31. All these data indicated a soft U.S. labor market amid ongoing economic uncertainty. The U.S. dollar fell to a more than three-year low. In light of these developments, market expectations of a rate cut in September by the U.S. Federal Reserve has now increased.