“I can’t see anything market-moving in the news, but geopolitical forces (international tensions as well as financial uncertainties, not least ahead of President-elect Trump’s inauguration) are supportive,” said StoneX analyst Rhona O’Connell in an email.
Russia launched a drone strike on kyiv early on Wednesday, causing damage in at least two districts, while the Israeli army attacked a suburb of Gaza City.
Traders await next week’s job openings data, the ADP employment report, the Federal Reserve’s Federal Open Market Committee (FOMC) December meeting minutes and the US employment report. to gauge the outlook for interest rates heading into 2025.
In 2024, rate cuts, central bank purchases and geopolitical tensions drove gold to all-time highs with an annual rise of more than 27%, the largest since 2010.
Trump’s inauguration on January 20 has increased uncertainty, as the tariffs and protectionist policies he proposes are expected to be inflationary and potentially trigger trade wars.
Among other metals, spot silver XAG= rose 2.3% to $29.54 an ounce; palladium XPD= fell 0.1% to $909.37; and platinum XPT= rose 2.1% to $921.55.
