Gold futures finished higher on Wednesday, as the bets on potential two Federal Reserve rate cuts this year, in line with the latest FOMC projections whetted investment appeal of non-yielding bullion.The ECB and BoC have cut rates, with the latter also ending quantitative tightening, while the RBI and BoE are expected to implement rate cuts this week. Besides, safe haven appeal amidst economic and geopolitical risks also supported yellow metal rates.
Gold futures for February delivery up by $17.20 or 0.6% to settle at $2,893.00 ounce on the Comex division of the New York Mercantile. Spot gold rose by $2.99 or 0.10% to $2,870.23 an ounce.