WASHINGTON (dpa-AFX) - Gold edged higher on Thursday, with a weaker dollar and geopolitical tensions offering some support.
Spot gold rose 0.4 percent to $2,627.44 per ounce in European trade while U.S. gold futures were up 0.3 percent at $2,642.04.
Bullion has risen 27 percent so far this year and is set for its best performance since 2010, buoyed by U.S. monetary easing, buying by central banks and heightened geopolitical uncertainties.
A stronger dollar led to profit booking in recent sessions as traders weigh the prospect of a slower pace of interest-rate cuts by the U.S. Federal Reserve in 2025.
After Fed Chair Jerome Powell signaled fewer rate cuts next year at the central bank's last policy meeting of the year, traders are now pricing in just about 35 basis points worth of easing for 2025.
U.S. markets will reopen later today, when an update on unemployment benefits is due.
As 2024 draws to a close, there is considerable uncertainty about Trump's policies on inflation and growth, and the likely impact on the Fed's easing cycle.
Trump's 'America first' policies include a pledge to impose tariffs on imports and clamp down on immigration. He has also promised tax cuts, deregulation, and a reduction in bureaucracy.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
