GOLD SOARS 27% IN 2024, HITS $2790 HIGH ON GLOBAL TENSIONS & CENTRAL BANK DEMAND

Published on Dec 31, 2024 14:03

Gold remained steady near $2630 per ounce on Tuesday, after two sessions of declines, reflecting little movement in the past week but still set for a 27% annual gain, its best performance since 2010. Market focus is on the US economy, Trump�s tariff policies, and the Fed�s outlook, all of which could impact gold�s trajectory. The US dollar held firm around 107.7, poised for strong 2024 gains, following hawkish Fed signals. Despite a stronger dollar and fewer rate cuts expected from the Fed, gold has been buoyed by geopolitical tensions and central bank demand, especially from the PBoC. Gold prices peaked at $2801 in October and are closing the year with impressive gains. On MCX, February gold futures rose by ₹245, trading at ₹76,505 per 10 grams.