Gold held steady at around $2,650 per ounce on Friday, set for a weekly gain, driven by safe-haven demand and expectations of continued central bank buying.
Gold Steady as Geopolitical Tensions Boost Demand
Geopolitical tensions, such as Russia's drone attack on Kyiv and Israel's strike on Gaza City, continued to bolster gold's appeal. A recent World Gold Council survey indicated that major central banks are expected to increase gold purchases in the coming year. On the economic front, U.S. jobless claims dropped to an eight-month low in the final week of 2024, highlighting the labor market's resilience. The Federal Reserve's cautious stance on rate cuts amid a strong economy and job market tempered the appeal of non-yielding gold.
Investors focus on Trump and China’s economic revival
Meanwhile, investors remained focused on the potential impact of a second Trump presidency and China's economic revival efforts.
