Gold price rate today: Gold price goes down big ahead of New Year's Day. Latest gold rate here
“I think it’s just the holiday thin trade. Perhaps some squaring of the books before year-end,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Geopolitical tensions are expected to remain high into next year, with central banks continuing to buy gold, while the U.S. debt situation is likely to worsen and the deficit to grow under the Trump administration, fuelling ongoing safe-haven demand for the metal, Grant said.Gold has surged nearly 27 per cent this year, reaching a record high of $2,790.15 on Oct. 31, as investors sought the yellow metal amid geopolitical uncertainty and U.S. rate cuts.
Anticipation of major U.S. policy shifts in 2025, including potential tariffs, deregulation and tax changes, has grown as Trump prepares to take office in January.
Earlier this month, Fed Chair Jerome Powell signalled a cautious stance on further rate cuts after delivering a quarter-point reduction, aligning with market expectations.
A slew of U.S. economic data due next week includes job openings figures, the ADP employment report, the Fed’s December FOMC minutes, and the U.S. employment report, to gauge the health of the economy.
Bullion is considered a hedge against inflation and turmoil but high rates reduce the appeal of holding the non-yielding asset.
Spot silver lost 1.5 per cent at $28.93 per ounce and platinum fell 1.3 per cent to $907.69, having hit a more than three-month low on Friday. Palladium was down 1.1 per cent at $901.51.
FAQs
Q1. What is current gold price?
A1. Spot gold fell 0.7 per cent to $2,602.88 per ounce as of 12:28 pm (ET) (1728 GMT). U.S. gold futures were down 0.6 per cent at $2,616.20.
Q2. How have gold prices go up?
A2. Gold has surged nearly 27 per cent this year, reaching a record high of $2,790.15 on Oct. 31, as investors sought the yellow metal amid geopolitical uncertainty and U.S. rate cuts.
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