Gold advances after 27% annual gain as traders eye US rate path
me-metals: Gold climbed after notching its biggest annual gain since 2010, with the metal viewed as a haven asset benefiting as a risk-off mood swept through broader markets.
According to me-metals cited from mining.com, Bullion rose as much as 1.3%, advancing alongside other precious metals. Last year’s 27% rally was driven by the Federal Reserve’s rate-cutting cycle, sustained haven demand and a wave of purchases by central banks, with many analysts seeing further gains ahead this year.
“Despite the Fed’s cautious tone, sustained buying by central banks and geopolitical uncertainties are expected to keep gold in focus as a preferred safe haven asset,” Kaynat Chainwala, an analyst at Kotak Securities, said in a note.
Investors are now focused on the rate path in the US, after Chair Jerome Powell last month signaled greater caution over how quickly the central bank can continue reducing borrowing costs amid renewed concerns about inflation. Lower rates are typically positive for bullion, which doesn’t pay interest.
Key economic data due Friday, including US jobless claims and manufacturing reports, will be closely watched for clues on the Fed’s easing trajectory.
Spot gold rose 1.3% to $2,658.26 an ounce as of 11:46 a.m. in New York. The Bloomberg Dollar Spot Index rose, erasing an earlier decline. Silver, palladium and platinum all rose.
source: mining.com
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