Gold News – 07.Jan.2025
Gold News
Spot gold rose 0.3% to $2,642.32 per ounce, and U.S. gold futures gained 0.2% to $2,653.60.
The weaker U.S. dollar due to uncertainty around President-elect Donald Trump’s tariff plans supported gold prices.
The dollar index eased to a one-week low amid speculation of softer tariff policies, though Trump denied the reports.
Traders are focusing on upcoming U.S. jobs data, ADP employment figures, and Fed meeting minutes for monetary policy clues.
Fed Governor Lisa Cook emphasized caution on further rate cuts, citing persistent inflation and a strong economy.
China’s central bank increased gold reserves for the second consecutive month, holding 73.29 million fine troy ounces.
Analysts view China’s gold purchases as supportive of gold prices.
Gold prices gained 27% in 2024, driven by central bank purchases and Federal Reserve rate cuts.
Spot silver rose 0.8% to $30.18 per ounce, platinum added 1.7% to $948.95, and palladium increased 0.7% to $926.58.
Author : Arman Shaban
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