GOLD prices were unchanged in early Asian hours on Tuesday (Dec 31), the last trading day of an eventful year that saw the metal post its best annual performance in more than a decade.
Spot gold was flat at US$2,606.07 per ounce, as at 0034 GMT. US gold futures gained 0.1 per cent to US$2,619.90.
Trading activity is expected to remain quiet on the last day of the year.
Central bank buying, monetary policy easing and geopolitical tensions propelled gold to multiple record highs this year, putting the metal on track for its best performance since 2010, with an over 26 per cent increase so far.
Federal Reserve’s policymakers this month cut their rate forecast for 2025 to 50 basis points of cuts from 100 bps and Fed chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering inflation.
Bullion is considered a hedge against inflation and turmoil but high rates reduce the non-yielding asset’s appeal.
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The market now awaits a fresh set of catalysts, including a slew of US economic data due next week that could influence the interest rate outlook for 2025, and president-elect Donald Trump’s tariff policies.
Data expected next week includes job openings figures, ADP employment report, the Fed’s December FOMC minutes and the US employment report.
China’s net gold imports via Hong Kong more than doubled from October in November, marking the highest level in seven months, Hong Kong Census and Statistics Department data showed.
Spot silver steadied at US$28.94 per ounce and palladium added 0.1 per cent to US$901.49, while platinum shed 0.4 per cent to US$900.00.
Silver was headed for its best year since 2020, while platinum and palladium were set for annual losses. REUTERS
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