The United States has released its unemployment claims data, which significantly influenced the movement of gold prices during trading on Thursday (April 3, 2025).
For the week ending March 29, unemployment claims were reported at 219,000, falling short of the Trading Central forecast of 226,000 and lower than the previous week’s count of 224,000.
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Following this release, the price of gold dropped by $3.070 per troy ounce.
Earlier today, gold prices surged, setting a new all-time high of $3,067 per troy ounce before reversing direction due to profit-taking activities.
The significant increase in gold prices was a reaction to President Donald Trump’s policy of raising import tariffs. Under this policy, Trump announced a 10% increase in tariffs for all countries.
Additionally, due to the reciprocal nature of these tariffs, several nations faced even steeper increases. China, which has the largest trade surplus, is now subject to a 54% import tariff, while the European Union faces a 20% hike. Other Asian countries, including Vietnam, Cambodia, South Korea, Japan, and India, also experienced substantial tariff increases.
Such developments have the potential to escalate into a larger trade conflict, contributing to a slowdown in the global economy, which in turn boosts gold’s appeal as a safe haven investment. However, after a sharp rise since the beginning of the year, gold has faced selling pressure, resulting in a reversal of its initial gains.
