Gold finishes up thanks to growing safe-haven demand

Gold prices consolidated their gains at settlement today, Jan. 29, lifted by increasing demand for safe-haven assets amid the escalating geopolitical tensions in the Middle East.

Bullion for February delivery advanced by 0.40%, or $8.10, to end at $2,025.4 per ounce, after touching $2,037.20 an ounce in early trading.

Likewise, the US dollar index, which gauges the greenback's strength against a basket of six currencies, added 0.25% to 103.70 points at 09:24 pm Makkah time.

Markets are pricing in a 97.4% chance that the Federal Reserve will hold interest rates during the policy meeting to be held on Jan. 31. Further, expectations for the start of monetary easing during the May meeting grew to 51.2% from 11.3% a month ago.

The US Conference Board's Consumer Confidence Index reading is anticipated for release on Jan. 30, alongside data on the American labor market, such as the number of open job positions. This is a day ahead of the issuance of the ADP report on the change in private sector jobs.