Gold (XAU/USD) prices extended intraday gains near $2,650 in the North American open on Thursday after the New Year holiday.
The precious metal gained as its appeal as a safe-haven asset increased, with investors focused on President-elect Donald Trump taking office on January 20.
Trump's expected incoming policies, such as higher import tariffs and lower taxes, would be a boon for Gold. Higher import tariffs would lead to a potential global trade war and lower taxes would increase inflationary pressures in the United States (US).
Gold tends to outperform amid economic uncertainty as a safe-haven bet and higher price pressures, given that investors use the precious metal as a hedge against inflation.
The 10-year US Treasury yield fell near 4.54% earlier in the year as its rally stalled. In general, lower yields on interest-bearing assets result in lower opportunity costs for non-yielding assets, such as Gold, making them attractive bets.
Source: FXStreet
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