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Gold futures finish sharply higher on Wednesday

16 Jan 2025 Evaluate

Gold futures finished sharply higher on Wednesday after the less than expected rise in core inflation rate rekindled expectations over more Federal Reserve interest rate cuts. Besides, softer dollar and uncertainties around Trump's tariffs as well as trade policies for the global economy also buoyed safe haven appeal of the bullion

Gold futures for February delivery up by $35.50 or 1.31% to settle at $2,717.80 ounce on the Comex division of the New York Mercantile. Spot gold rose by $1.14 or 0.04% to $2,697.46 an ounce.