Spot gold was up 0.3% at $5,183.85 per ounce, with bullion hitting a more than three-week high on Tuesday

Gold prices edged higher on Thursday, buoyed by a softer dollar and safe-haven demand fuelled by uncertainty surrounding U.S. tariff policy.

Spot gold was up 0.3% at $5,183.85 per ounce, as of 0258 GMT. Bullion hit a more than three-week high on Tuesday.

U.S. gold futures for April delivery were down 0.5% at $5,200.50.

Price action reflects a re-pricing of fresh tariff uncertainty, geopolitical concerns and a subdued dollar, according to Christopher Wong, a strategist at OCBC.

Two-way consolidation is still likely in the interim as markets digest geopolitical (news), dollar moves, tariff surprises and Fed policy uncertainty, he further said.

The dollar began the day on the back foot, as better-than-expected earnings from Nvidia boosted investor confidence and markets awaited details of the latest U.S. tariffs on imports of foreign goods.

A weaker dollar makes dollar-denominated gold cheaper for holders of other currencies.

The U.S. tariff rate for some countries will increase to 15% or higher from the newly imposed 10%, U.S. Trade Representative Jamieson Greer said on Wednesday, without naming any specific trading partners or giving further details.

Markets currently expect three 25-basis-point rate cuts from the U.S. central bank this year, according to CME’s FedWatch Tool.

Investors awaited the weekly jobless claims data due later in the day for more cues on the U.S. central bank’s monetary policy path.

Deutsche Bank, meanwhile, noted a resumption of outperformance by white metals versus gold.

This is supportive for our silver forecast of $100/oz at year-end, based on a gold-silver ratio of 60, the bank said in a note dated Wednesday.