Dubai, UAE — Gold prices recovered from a six-month low on Thursday, while oil prices jumped more than $2 a barrel and fresh data showed the U.S. trade deficit narrowed in April, offering investors a mixed picture of commodity markets and the world’s largest economy.
Spot gold rose 0.4% to $4,089.12 an ounce by 0215 GMT after earlier touching $4,022.09, its lowest level since Nov. 21. U.S. gold futures for August delivery were down 0.5% at $4,111.10, WAM reported.
The rebound in bullion came as energy markets rallied sharply. Brent crude futures climbed $2.30, or 2.5%, to $95.40 a barrel, while U.S. West Texas Intermediate crude gained $2.60, or 2.9%, to $92.63. At one point during the session, U.S. crude futures were up by more than $3 a barrel.
Other precious metals also advanced. Spot silver rose 0.3% to $63.86 an ounce, platinum gained 0.6% to $1,673.75 and palladium jumped 2.2% to $1,239.89.
Meanwhile, U.S. government data released on Wednesday showed the country’s goods and services trade deficit narrowed to $55.9 billion in April from $56.6 billion in March.
According to the U.S. Commerce Department’s Bureau of Economic Analysis, exports increased by $8.3 billion during the month to $327.1 billion, while imports rose by $7.6 billion to $383 billion.
The agency said the improvement reflected a $2.4 billion decline in the goods trade gap to $83.7 billion, partially offset by a $1.7 billion reduction in the services surplus to $27.8 billion.
For the first four months of the year, the U.S. trade deficit was down 49.1% from the same period in 2025, as exports rose 11.3% year-on-year while imports fell 5.5%.
The combination of firmer oil prices, a recovery in gold and an improving U.S. trade balance comes as investors assess the outlook for global growth, inflation and monetary policy in the second half of the year.
