Gold futures were rising, beginning the new year on a positive note. Futures were up 0.3% at $2,647.90 a troy ounce.
The market is awaiting fresh catalysts to decide the direction of gold and other precious metals, which have traded in a narrow range for much of December and particularly during the holiday period.
That said, gold enjoyed a strong year in 2024, rising around 27%, Deutsche Bank analysts said in a note. The metal posted its strongest annual return since 2010 on central bank rate cutting and persistent geopolitical concerns, they said. Lower interest rates typically boost the appeal of non-interest bearing bullion.