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Gold futures finish higher with resumption of Chinese gold purchases

10 Dec 2024 Evaluate
Gold futures finished higher on Monday, kindled by the news on resumption of gold purchases by China. China announced plans to loosen monetary policy for the first time in 14 years to stimulate the economy. Safe-haven appeal amid renewed geopolitical tensions in the Middle East, particularly the fall of the Syrian government also supported yellow metal investments. Meantime, participants awaited US inflation reports later this week, which could influence the Federal Reserve’s monetary policy outlook.

Gold futures for February delivery rose by $26.20 or 0.98% to $2,685.80 per ounce on the Comex division of the New York Mercantile. While, spot gold added by $10.25 or 0.39% to $2,670.55 an ounce.

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