Gold prices moved lower amid a quiet post-Christmas holiday trade, trading near $2,630 during the Asian session on Friday (12/27). However, the safe-haven asset could find upside support as markets anticipate signals from the US economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025.
Gold, a non-yielding asset, gained traction as modest US PCE inflation data challenged expectations of limited Fed rate cuts next year, hinting at the possibility of more cuts. The safe-haven appeal was supported by rising geopolitical risks stemming from the prolonged Russia-Ukraine conflict and ongoing tensions in the Middle East.
The precious metal is on track to close the year with an impressive 27% gain, marking its best annual performance since 2010. The surge has been fueled by central bank buying, rising geopolitical uncertainties and monetary easing by major central banks.
Source: FXStreet
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