Gold edges higher, set for strong annual gains

Gold prices inched up on Tuesday amid subdued trading activity, extending their stellar performance in 2024, supported by the US Federal Reserve’s interest rate cuts.

Spot gold rose 0.08 per cent to $2,608.02 per ounce as of 7:10 AM GMT, compared to $2,605.95 at the previous close. US gold futures also gained 0.04 per cent, trading at $2,619.09 per ounce, up from Monday’s closing price of $2,618.10.

Gold has seen robust gains this year, driven by safe-haven demand amid economic uncertainties and geopolitical tensions.

Attribution: Amwal Al Ghad English, Investing.com

Subediting: Y.Yasser