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Gold on track for biggest annual rise since 2010

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Gold on track for biggest annual rise since 2010

Gold rallied beyond US$1,300 per ounce on Dec. 29 and remains on track to hit its biggest annual rise since 2010 amid a weaker U.S. dollar, ongoing political tensions and receding concerns over the impact of U.S. interest rate hikes, Reuters wrote Dec. 29.

Spot gold hit US$1,302.72/oz, while U.S. gold futures for February delivery were up US$7.80 an ounce at US$1,305.00/oz as of 2:30 p.m. GMT. Gold is also set for its best month since August, the newswire added.