Gold futures rise on safe-haven demand and central-bank purchases. Futures are up 0.5% at $2,699.30 a troy ounce.
The precious metal found support from heightened geopolitical tensions, bolstering its appeal as a safe-haven asset, says Ricardo Evangelista, senior analyst at ActivTrades. China's central bank said it has resumed gold purchases after a six-month hiatus, adding further support, Evangelista writes.
Expectations that the Federal Reserve will cut U.S. interest rates later this month have solidified among traders, boosting the appeal of non-interest bearing bullion and completing a trifecta of positive factors, Evangelista writes. U.S. Consumer Price Index data releasing Wednesday will play a pivotal role in further shaping gold prices--an uptick in consumer prices could weigh on gold, while lower-than-expected figures could support prices, he adds.
Source : Dow Jones Newswires
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