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GOLD: Extends Rally Seen On The Last Day Of 2024

GOLD
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Gold is 0.3% higher in today’s Asia-Pac session, after closing 0.7 higher at $2624.50 on the last day of 2024.

  • Bullion notched up a 27% annual gain in 2024, it largest since 2010, despite traders re-assessing the pace of monetary easing by the Federal Reserve in 2025. Lower rates are typically positive for gold, which doesn’t pay interest.
  • In addition to the Fed’s cutting cycle, the yellow metal was buoyed by sustained haven demand and a wave of purchases by central banks.
  • According to MNI’s technicals team, a bear threat remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low.
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Gold is 0.3% higher in today’s Asia-Pac session, after closing 0.7 higher at $2624.50 on the last day of 2024.

  • Bullion notched up a 27% annual gain in 2024, it largest since 2010, despite traders re-assessing the pace of monetary easing by the Federal Reserve in 2025. Lower rates are typically positive for gold, which doesn’t pay interest.
  • In addition to the Fed’s cutting cycle, the yellow metal was buoyed by sustained haven demand and a wave of purchases by central banks.
  • According to MNI’s technicals team, a bear threat remains present. The yellow metal traded sharply lower on Dec 18 and the move undermines a recent bull theme. A resumption of weakness would open key support at $2536.9, the Nov 14 low.