Gold closes in green despite US dollar rise

Gold bars 

Gold prices closed in the green today, Dec. 24, as the yellow metal ramped up its year-to-date gains to about 27%, marking its best performance since 2010.

February gold futures nudged up by 0.3%, or $7.3, to finish at $2,635.50 per ounce.

This came despite the 0.15% hike in the US dollar index, which gauges the greenback's strength against a basket of six currencies, to stand at 108.21 points at 10:06 pm Makkah time.

“A similar rally could occur in 2025, but this will largely hinge on geopolitical developments,” said Zain Vawda, market analyst at MarketPulse by OANDA. “Without unexpected geopolitical disruptions, the base case projects gold prices around $2,800/ounce, driven by persistent risks and trade war concerns.”

Elsewhere, Frank Watson, precious metals analyst at Kinesis Money, underlined, “If (tariffs are) borne out, this would give less room for the Fed to continue cutting interest rates, and we’ve seen the market already scaling back expectations on that front for 2025.”