Gold prices extended gains on Saturday as investors turned to the precious metal amid ongoing geopolitical uncertainty and expectations of softer monetary policy from the Federal Reserve.
In the global bullion market, spot gold was trading at $4,376.82 per troy ounce, up $25.55 or 0.59 percent on the day. Another market quote put the price at $4,387 per ounce, marking a rise of $35.42 or 0.81 percent in the last 24 hours. The metal traded between $4,311 and $4,397 during the session.
The rally adds to strong annual performance. Gold has climbed 31.51 percent over the past 12 months, gaining about $1,051. It remains roughly 21 percent below the 52-week high of $5,602 reached earlier this year. The low for the year stands at $3,311.
Analysts say two main factors are driving prices. Central banks around the world have continued to buy gold to diversify reserves, providing steady underlying demand. At the same time, geopolitical tensions and trade concerns have boosted gold’s appeal as a safe-haven asset. Expectations that the Fed may hold or cut rates later this year have also supported bullion, as lower interest rates reduce the opportunity cost of holding non-yielding gold.
At current levels, one gram of gold costs about $141 while a one-kilogram bar is valued near $141,035. The market uses troy ounces as the standard unit, with one troy ounce equal to 31.1035 grams. This is the benchmark used by the London Bullion Market Association, COMEX and the Shanghai Gold Exchange.
Silver also moved higher, trading at $68.49 per ounce, up 0.51 percent. Gold futures for December delivery were quoted at $4,713.30, up 3.84 percent.
Market watchers expect volatility to continue as investors track inflation data, central bank policy signals and developments in global conflicts.
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