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Traders are awaiting the release of the U.S. jobs report on Friday for additional insight into the Fed's interest rate outlook
Amid demand optimism and dollar strength
Projections were informed by critical factors and data, based on an average oil barrel price of $60
An initiative designed to enhance participation and liquidity among market participants
Major central banks will likely increase gold purchases in 2025, further boosting demand for the precious metal
Both oil contracts are on track to achieve a second consecutive weekly increase
The new decision took effect on January 1, 2025
By the end of 2024, the Dubai and Abu Dhabi stock exchanges' market cap exceeded $1.06 trillion
Spot gold rose by 0.3 percent to $2,632.82 per ounce
Crude oil WTI futures for February delivery also surged 0.7 percent to $71.75 per barrel
22-carat gold stood at AED 292.25, 21-carat gold was priced at AED 283, while 18-carat gold was at AED 242.50
WTI futures for February delivery also saw a 0.7 percent increase, reaching $71.05 per barrel
U.S. West Texas Intermediate crude saw an 8-cent decline, bringing it to $70.52 a barrel
Gold prices have risen over 27 percent this year and are set for their best performance since 2010
Gold prices have surged nearly 28 percent this year, reaching a record high of $2,790.15 on October 31
Year-end profit-taking and portfolio rebalancing contributed to the lower trading volumes
The dollar index dipped 0.09 percent to 108.16, making bullion more attractive for other currency holders
Brent oil futures increased by 0.2 percent, reaching $73.71 a barrel
In the past year, gold prices have gained over 27 percent, positioning bullion for its most successful year since 2010
Brent oil futures for February rose by 0.4 percent to $72.91 a barrel
Brent crude futures for February rose by 0.4 percent to $73.20 a barrel
Expectations of fewer cuts in 2025 pushed gold prices to their lowest since November 18 last week
Eligible initiatives include reducing maritime pollution, sustainable ports, and water quality
Gold prices have lost around 2 percent so far this week
