1 week Ago
Gold prices edged higher on Friday, building on a 1% gain from the previous session, boosted by safe-haven demand , while focus on the Fed's rate outlook and U.S. President-elect Trump's proposed trade tariffs.
FUNDAMENTALS * Spot gold rose 0.1% to $2,660.25 per ounce, as of 0018 GMT, hovering around over two-week low hit on Thursday.
Bullion was up about 1.5% for the week so far. * U.
S. gold futures rose 0.2% to $2,673.
90. * Bullion emerged as one of the top-performing assets in 2024, surging more than 27% in its largest annual gain since 2010. Stock Trading Masterclass on Value Investing and Company Valuation View Program Stock Trading Market 104: Options Trading: Kickstart Your F&O Adventure By - Saketh R, Founder- QuickAlpha, Full Time Options Trader View Program Stock Trading Technical Analysis for Everyone - Technical Analysis Course By - Abhijit Paul, Technical Research Head, Fund Manager- ICICI Securities View Program Stock Trading Stock Markets Made Easy By - elearnmarkets, Financial Education by StockEdge View Program Stock Trading Renko Chart Patterns Made Easy By - Kaushik Akiwatkar, Derivative Trader and Investor View Program Stock Trading Market 101: An Insight into Trendlines and Momentum By - Rohit Srivastava, Founder- Indiacharts.
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* Additionally, Russia launched a drone strike on the Ukrainian capital Kyiv early on Wednesday, causing damage in at least two districts * Gold flourishes in low-interest-rate environments and serves as a hedge against economic and geopolitical uncertainties . * Data on Thursday confirmed the resilience of the job market, with new unemployment claims in the U.S.
falling to an eight-month low last week, indicating minimal layoffs as 2024 came to a close. * Last month, the U.S.
central bank implemented a third consecutive rate cut, but now projects only two cuts in 2025, citing economic and job market resilience. * Traders expect the Fed to take a measured and cautious approach to rate cuts in 2025, given that inflation remains above the central bank's 2% target. * Markets now await next week's U.
S. job openings data, ADP employment report, Fed meeting minutes, and employment report for further direction. * Spot silver fell 0.
1% to $29.54 per ounce, platinum was steady at $923.09, and palladium shed 0.
2% to $909.74. * Both silver and platinum were on track of weekly rises.
DATA/EVENTS (GMT) 0855 Germany Unemployment Chg SA Dec 0855 Germany Unemployment Rate SA Dec 1500 US ISM Manufacturing PMI Dec. (You can now subscribe to our ETMarkets WhatsApp channel ).
