Gold prices edged up on Tuesday, having touched their lowest in over a week earlier in the session as safe-haven demand for the metal eased on optimism about a potential ceasefire between Israel and Hezbollah militants in Lebanon.
Spot gold was up 0.3 per cent to $2,633.99 per ounce, as of 1217 GMT, after earlier hitting its lowest since November 18. US gold futures were up 0.6 per cent to $2,634.10, reports Reuters.
Gold fell over 3 per cent on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with Iran-aligned Hezbollah, with further pressure from US President-elect Donald Trump's nomination of Scott Bessent as US Treasury secretary.
"Gold prices today are being influenced by the sustained risk appetite that gained momentum yesterday," said Ricardo Evangelista, senior analyst at ActivTrades.
Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Spot silver rose 0.8 per cent to $30.54 per ounce, platinum edged 0.3 per cent lower to $935.80 and palladium rose 1.4 per cent to $986.75.
Safe-haven gold hits one-week low
FE Team | Published: November 27, 2024 00:11:45
Safe-haven gold hits one-week low
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