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GOLD: On Track For Largest Weekly Gain Since Nov

GOLD
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 1.3% higher at $2658 on Thursday. 

  • Bullion is on track for its largest weekly gain since November, as broad risk-off sentiment buoyed demand for haven assets.
  • The yellow metal 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 gold was buoyed by sustained haven demand and a wave of purchases by central banks.
  • According to MNI’s technicals team, gold has now risen above initial pivot resistance at $2,637.5, the 50-day EMA, with sights on $2,664.5 next, the Dec 16 high.
  • Silver outperformed yesterday, with the precious metal up by ~2%, bringing the gold-silver ratio down from the 10-month high reached on Dec 31.
  • However, silver remains below support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement. Key resistance has been defined at $32.338, the Dec 12 high.
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Gold is 0.2% higher in today’s Asia-Pac session, after closing 1.3% higher at $2658 on Thursday. 

  • Bullion is on track for its largest weekly gain since November, as broad risk-off sentiment buoyed demand for haven assets.
  • The yellow metal 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 gold was buoyed by sustained haven demand and a wave of purchases by central banks.
  • According to MNI’s technicals team, gold has now risen above initial pivot resistance at $2,637.5, the 50-day EMA, with sights on $2,664.5 next, the Dec 16 high.
  • Silver outperformed yesterday, with the precious metal up by ~2%, bringing the gold-silver ratio down from the 10-month high reached on Dec 31.
  • However, silver remains below support at $29.642, the Nov 28 low, opening $28.446, a Fibonacci retracement. Key resistance has been defined at $32.338, the Dec 12 high.