Gold Poised for Weekly Gain as Risk-Off Mood Drives Haven Demand
Gold was on track for its biggest weekly gain since November, as broad risk-off sentiment buoyed demand for haven assets.
Bullion was trading near $2,660 an ounce after climbing 1.3% on Thursday, with investors monitoring increasing concerns over near-term volatility in stock markets. The Cboe’s VIX Index climbed for the fourth time in five days, helping to underscore the appeal of safe assets such as gold.
Meanwhile, a pair of deadly attacks in the US this week further compounded market angst, sparking domestic security concerns ahead of Donald Trump’s official return to the White House later this month.
The precious metal gained 27% last year — its best since 2010 — largely fueled by the Federal Reserve’s cutting cycle, sustained geopolitical risks and a wave of purchases by central banks. The World Gold Council expects prices will rise more slowly in 2025, tempered by variables such as growth and inflation.
Key economic data due later Friday — including US jobless claims and manufacturing reports — will be closely watched for clues on the Fed’s easing trajectory. Lower rates are typically positive for bullion, which doesn’t pay interest.
Spot gold was up 0.1% to $2,659.87 an ounce at 8:49 a.m. in Singapore, on track for a weekly gain of 1.5%. The Bloomberg Dollar Spot Index was down 0.1%. Silver was flat, while palladium and platinum edged up.
Source : Bloomberg
