WASHINGTON (dpa-AFX) - Gold futures settled slightly higher on Thursday, extending gains to a fourth straight session on safe-haven appeal.
On the tariff front, the U.S. President Donald Trump announced a one-month delay on tariffs affecting cars entering the U.S. from Canada and Mexico, raising hopes for negotiations.
However, the broader 25% duties imposed on Canada and Mexico remain in effect with no resolution in sight and more levies are set to begin in April.
The dollar's continued weakness supported the yellow metal.
The dollar index, which dropped to 103.76, recovered to 104.18, before retreating again.
Gold futures for March settled at $2,916.60 an ounce, gaining $1.30.
Silver futures for March ended higher by $0.205 or 0.6% at $33.063 an ounce, while Copper futures for March advanced to around $4.7750, gaining $0.0085 or about 0.2%.
The Governing Council of ECB, led by President Christine Lagarde cut the deposit rate by 25 basis points to 2.5%, which is the lowest level since February 2023 when it was at the same level. The main refinancing rate was lowered by a quarter basis points to 2.65% and the lending rate to 2.9%, respectively.
The ECB has lowered interest rates by a quarter basis points each in every rate-setting session since September.
The Commerce Department released a report showing the U.S. trade deficit widened by more than expected in the month of January.
The report said the trade deficit surged to $131.4 billion in January from a revised $98.1 billion in December. Economists had expected the trade deficit to jump to $123.0 billion from the $98.4 billion originally reported for the previous month.
The Labor Department released a report showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended March 1st.
The report said initial jobless claims dipped to 221,000, a decrease of 21,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to edge down to 235,000.
On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of February.
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