Gold slipped slightly to around $2,750 per ounce on Thursday, ending a three-day rally as the US dollar stabilized.
Gold eases, holds near November high
However, it remains near its highest level since early November and close to its record peak of $2,790, supported by safe-haven demand amid uncertainty over President Donald Trump’s tariff plans and fears of potential trade wars. Further supporting gold, ECB policymakers backed additional rate cuts on Wednesday, making next week’s reduction almost inevitable, which would benefit non-yielding gold. Meanwhile, the Federal Reserve is expected to keep interest rates unchanged at its next meeting, with a hawkish outlook due to inflation concerns driven by Trump’s policies, which could lead the Fed to maintain higher rates.
Additionally, a ceasefire agreement between Israel and Hamas was undermined when Israel launched a drone strike in southern Lebanon's Hasbaya area, further boosting gold's appeal as a safe-haven asset.
