Gold rose above $2,610 per ounce on Tuesday amid subdued holiday-season trading.
Investors continued to assess the Federal Reserve's outlook for next year, factoring in a slower pace of rate hikes in 2025 after the Fed signaled fewer reductions.
However, this view was challenged by softer-than-expected US PCE inflation, suggesting the possibility of more rate cuts, which benefits a non-yielding gold. Meanwhile, the World Gold Council reported strong central bank demand, reinforcing gold's status as a safe-haven asset, with central banks as net buyers for over 15 years.
The metal is on track for a 27% surge this year, heading for its best performance since 2010, driven by central bank buying, geopolitical tensions, and easing by major banks.
Source: Trading Economics
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