Gold prices edge up_

FE Team | Published: January 02, 2025 21:44:59

Gold prices rose on Thursday, buoyed by volatility in equities and fresh positioning while the US Federal Reserve's interest rate outlook remained in focus ahead of trade tariffs proposed by President-elect Donald Trump, reports Reuters.
Spot gold rose 0.7 per cent to $2,641.64 an ounce by 1140 GMT, having gained 0.7 per cent on the last trading day of 2024. US gold futures gained 0.5 per cent to $2,654.30.
"In my opinion, political and economic risks, non-dollar and yield-sensitive demand from de-dollarising central banks and investors seeking a hedge against fiscal instability, as well as sticky inflation, will support another year of gains for gold," said Ole Hansen, head of commodity strategy at Saxo Bank.
Spot silver rose 1.8 per cent to $29.38 an ounce, palladium lost 0.2 per cent to $908.48 and platinum was up 1.6 per cent at $917.80. Silver ended 2024 at its highest since 2020 while platinum and palladium registered annual declines.