05.02.202600:39:54UTC+00Gold Climbs for a Third Session

Gold surged to approximately $5,000 per ounce on Thursday, marking a third consecutive day of gains after experiencing its most significant intraday increase since 2008 earlier this week. This upward momentum was largely attributed to investors buying on the dip following a notable retreat from last week's record highs. In the absence of key US government data, the market's attention shifted towards private sector indicators for insights into the economic outlook and Federal Reserve's future direction, especially after President Trump put forward Kevin Warsh as the nominee for the next Fed chair. Market watchers honed in on the ADP employment report, which revealed weaker-than-anticipated growth in private sector payrolls, contrasting with an unexpected positive development in the ISM services PMI, suggesting the services industry remained robust. On the international front, despite an agreement for nuclear talks in Oman scheduled for Friday, ongoing tensions between the US and Iran persisted. Washington has kept the option open for strikes in response to Iran's treatment of demonstrators and its nuclear agenda.