Gold prices rose on Thursday, driven by safe-haven demand amid light trading volumes following the Christmas holiday, as markets await signals regarding the U.S. economy under the incoming Trump administration and Federal Reserve's rate strategy for 2025. Spot gold rose 0.7% to $2,633.32 per ounce. U.S. gold futures added 0.6% to $2,650.20. "Some of gold's gains had to do with what's going on in Ukraine with Russia hitting Ukraine's electrical system," said Daniel Pavilonis, senior market strategist at RJO Futures. President Joe Biden said on Wednesday he asked the U.S. Defense Department...
Oil prices drifted in quiet year-end trading, with investors assessing the outlook for crude for 2025 while tracking developments in the Middle East. West Texas Intermediate was steady above $69 a barrel, after falling 0.7% on Thursday, when Brent also fell. A 10-day volatility gauge for the U.S. crude benchmark has ebbed to its lowest level since 2021. In the Middle East, Israel struck several targets in Yemen that it said were controlled by the Houthis, the last Iran-backed group still fully involved in a regional war that began 14 months ago. Crude prices were on track to end the year...
Gold was steady in quiet post-holiday trade, after mixed U.S. jobless claims data did little to change bets on the Federal Reserve's interest rate cut prospects. Bullion was near $2,633 an ounce, after rising 0.6% on Thursday, following a report showing initial applications for U.S. unemployment benefits rose to their highest in more than three years — suggesting it is taking longer for unemployed people to find work. Initial claims, however, fell. Speaking after the Fed's final policy meeting of 2024, Chairman Jerome Powell last week reiterated that the labor market was cooling in a way...