Economic Worries Drive Precious Metals Up

In a surprising turn of events on Thursday, the prices of precious metals saw a significant rise, with gold leading the charge by jumping more than 1%. This surge comes as economic uncertainties continue to dominate the market's focus, further fueled by the unpredictable effects of United States President Donald Trump's tariffs. Investors, seeking safety, are increasingly turning towards traditional safe-haven assets.

US GDP Falls Short of Expectations

Earlier today, new data revealed that the US gross domestic product (GDP) grew by 2.3% in the fourth quarter of 2024 on an annual basis. This figure, however, fell short of what analysts had anticipated, adding another layer of concern to the already uncertain economic landscape.

Precious Metals Market Update

At 8:44 am ET, gold was observed to have jumped by 1.07%, trading at $2,784. Silver wasn't far behind, surging by 1.58% to sell at $31.25. By 8:45 am ET, platinum gained 1.41%, reaching $965.16, and palladium advanced by 1.98%, selling at $974.37.