WASHINGTON (dpa-AFX) - Gold futures settled higher on Tuesday, the final trading session of Year 2024, and posted a strong yearly gain, the largest surge since 2010.
Gold prices moved higher despite a stronger dollar. The dollar index climbed to 108.58, gaining more than 0.4%.
Gold futures for January closed up $23.10 or 0.89% at $2,629.20 an ounce. Gold futures gained nearly 28% in the year. In December 2024, gold futures shed about 1.05%.
Silver futures for January settled lower by $0.166 or about 0.57% at $28.940 an ounce. Silver futures gained about 21.3% in the year, the biggest increase in four years. The contract recorded a 5.7% drop in December 2024.
Copper futures for January dropped to $3.9845 per pound, losing $0.610 or 1.51%.
Markets now await cues from U.S. President-elect Donald Trump's tariff policies and the likely interest-rate moves by the Federal Reserve.
Traders expect Donald Trump's policies of looser regulation, tax cuts, tariff hikes and tighter immigration to be both pro-growth and inflationary.
Federal Reserve Chair Jerome Powell said earlier this month that more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, prompting traders to dial back estimates of how far borrowing costs are likely to fall over the coming year.
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