WASHINGTON (dpa-AFX) - Gold prices edged up slightly to hover near a four-week high on Friday due to safe-haven buying ahead of January 20, the day Donald Trump takes office.
Spot gold rose 0.4 percent to $2,680.69 per ounce in European trade while U.S. gold futures were up 0.6 percent at $2,706.59.
Bullion is seeing safe haven buying due to prevailing concerns over U.S. President-elect Donald Trump's proposed policies and economic uncertainties.
According to the Federal Open Market Committee's (FOMC) latest minutes from its December 17-18 meeting, officials expressed concerns that Trump's policies could stoke inflation, suggesting a more cautious approach to easing in 2025.
The dollar held near two-year peak and looked set to extend its longest weekly winning streak in over a year and bond yields remain elevated due to heightened uncertainty over U.S. interest rates.
Federal Reserve Governor Michelle Bowman said Thursday she supported the recent interest rate cuts but the December reduction should be the 'final step' in the easing process.
Even with the full percentage points of cuts from September through December, there are still 'upside risks to inflation,' she added.
Fed funds futures trading data currently price in only about a 7 percent chance of a quarter-point cut at the next policy meeting later this month.
In economic releases, the all-important U.S. jobs report is due later in the day. Economists expect to see an increase of 155,000 jobs in December, less than the gain of 227,000 in November's reading. The jobless rate is seen holding at 4.2 percent.
A stronger report may fuel ongoing worries that the Federal Reserve may not lower interest rates this year.
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