Gold futures fall and are on track for weekly losses amid thin holiday trading.
Futures are down 0.9% at $2,630.90 a troy ounce, and are set to finish the week down 0.5%. The precious metal has slid against stronger U.S. Treasury yields, with the market looking ahead to 2025 for fresh catalysts.
Market pessimism around the prospect of significant U.S. interest-rate cuts in the new year have kept consistent downward pressure on gold prices in late December, reflecting hawkish Federal Reserve commentary and the inflationary nature of many of President-elect Donald Trump’s mooted policies. Higher interest rates for longer typically damp the appeal of non-interest bearing bullion.
