Gold held above $2,600 per ounce on Tuesday after two sessions of declines, showing little movement over the past week as investors awaited fresh catalysts.
Traders are closely monitoring signals about the US economy, President-elect Donald Trump's tariff policies, and the Federal Reserve's monetary policy outlook, all of which could influence gold's trajectory. Resilient labor market data from payroll counts and signs of persistent inflation has recently led FOMC members to project fewer rate cuts next year, which weighed on gold prices in Q4 as the hawkish Fed reduced the appeal of non-yielding bullion.
Nevertheless, gold is set to close the year with a sharp 27% gain, its best annual performance since 2010. The rally was driven by increased demand for safe-haven assets amid the Ukraine, Gaza, and Lebanon conflicts, as well as missile strikes from Iran. Gold also gained from significant central bank purchases, particularly by the PBoC, reaching a record high of $2,790 in September.
Source: Trading Economics
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