Supported by stock volatility and new positioning, gold prices rose on Thursday.

Spot gold rose 0.7% to $2,641.94 per ounce at 14:10 GMT, after gaining 0.7% on the last trading day of 2024. American gold futures rose 0.5% to $2,654.90. With inflation above its 2% target, traders expect the Fed to take a cautious approach when it comes to lowering interest rates in 2025. Investors are also waiting for a series of U.S. economic data next week to further assess the interest rate outlook for 2025.

High interest rates reduce the demand for non-productive gold. Spot silver rose 1.5% to $29.29 per ounce, palladium added 1.1% to $920.58, and platinum rose 2.1% to $922.35. Silver ended 2024 at its highest level since 2020, while platinum and palladium saw annual declines