Gold futures rose, hovering just below their all-time high. Gold futures were up 0.55% at $2,892.50 an ounce, just shy of their all-time high of $2,906 set on Wednesday. Rather than the usual price drivers -- a strong U.S. dollar and interest rate expectations -- it was demand for safe-haven assets in turbulent political times that drove the rally, Commerzbank analysts said. This particularly reflects uncertainty surrounding President Trump's policies, they said in a note. A sharp rise in rental rates also points to tensions in the physical market. However, there are already signs of overexertion, and a price correction in the coming weeks is likely, Commerzbank wrote. Spot gold is set to trade at $2,700 an ounce by mid-year and $2,650 an ounce by the end of 2025, Commerzbank added. (Newsmaker23)
Source: Dow Jones Newswires
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