Gold held above $2,750 an ounce on Thursday, extending a three-day rally and near its highest level since early November, relatively close to its record peak of $2,790. The precious metal continued to benefit from its safe-haven appeal amid uncertainty surrounding President Donald Trump's tariff plans, which have raised concerns about a potential trade war. On the monetary policy front, ECB policymakers endorsed further interest rate cuts on Wednesday, signaling a cut next week is almost certain, which would benefit non-yielding bullion.
Meanwhile, the Federal Reserve is expected to keep its benchmark interest rate unchanged at its upcoming meeting, with a hawkish outlook as Trump's policies are seen as inflationary, potentially prompting the Fed to keep rates high. Elsewhere, a ceasefire agreement between Israel and Hamas was thrown into disrepair when Israel launched a drone strike on the Hasbaya region of southern Lebanon, further boosting gold's safe-haven appeal. (AL)
Source: Trading Eonomics
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