Gold prices moved higher Thursday, supported by a softer U.S. dollar and renewed safe-haven demand, pushing bullion to its strongest level in more than three weeks.

Spot gold rose 0.3% to $5,183.85 per ounce as of 02:58 GMT, after touching a three-week high earlier in the week. Analysts say the weaker dollar made gold more attractive to international buyers, while lingering economic uncertainty helped sustain demand for defensive assets.

A declining dollar typically boosts gold because it lowers the metal’s cost for holders of other currencies. At the same time, investors often turn to gold during periods of market volatility or geopolitical tension.

U.S. gold futures for April delivery edged down 0.5% to $5,200.50, reflecting some profit-taking after recent gains.

Other precious metals showed mixed performance. Spot silver fell 0.6% to $88.84 per ounce after reaching a three-week high on Wednesday. Platinum slipped 0.5% to $2,274.16, while palladium declined 1.4% to $1,770.05. 

Both platinum and palladium had climbed to three-week highs in the previous session before pulling back.

The move higher in gold follows recent fluctuations in global commodity markets. Earlier reports from Qazinform News Agency indicated that gold prices had been declining, highlighting the volatility traders continue to navigate.

Market participants are closely monitoring currency movements and broader economic signals, as gold’s direction often hinges on interest rate expectations and global risk sentiment.

For now, the combination of a softer dollar and cautious investor positioning appears to be supporting bullion near recent highs.