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Gold edged lower last week after mixed US data, with investors focusing on the Federal Reserve’s final policy meeting of the year this week.
Bullion traded near US$2 670 an ounce, after falling 1,4 percent on Thursday after US wholesale inflation unexpectedly accelerated in November.
Separately, applications for jobless benefits rose last week to a two-month high.
Gold is still set to notch a weekly gain, with optimism increasing that the US central bank will cut rates by 25 basis points at its meeting on December 18.
Lower borrowing costs typically aid the metal, as it doesn’t pay interest.
Prices for bullion are expected to rise more slowly in 2025, with growth and inflation concerns under a Donald Trump presidency likely to temper gains amid a complicated outlook for US interest rates, the World Gold Council said in a report on Thursday.
The precious metal, which has surged about 30 percent so far this year, is heading for its biggest annual gain since 2007. Its breakneck run has been supported by Fed easing, safe-haven demand, and sustained buying by the world’s central banks.
Spot gold was 0.4 percent lower at US$2 670.70 an ounce as of 9:45 a.m. in London, on track for a weekly increase of about 1,5 percent. The Bloomberg Dollar Spot Index rose 0,1 percent. Silver and platinum slipped, while palladium was steady. – Bloomberg
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