Gold prices (XAU/USD) moved higher in the European session on Friday ahead of the United States (US) ISM Manufacturing Purchasing Managers' Index (PMI) data for December, due to be published at 15:00 GMT.
The Manufacturing PMI was seen steady at 48.4, indicating that activity contracted at a steady pace.
The precious metal has outperformed in 2024 with a gain of over 27%, the metal's best annual return since 2010.
The sustained rally was driven by strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict.
According to three sources cited by Axios, US President Joe Biden reportedly discussed contingency plans to strike Iran's nuclear facilities if Tehran makes significant progress in developing a nuclear bomb before Donald Trump's inauguration on January 20. The discussion highlighted growing concerns over Iran's nuclear ambitions during the transition period between administrations.
Source: FXStreet
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