Gold ends 2024 higher, records annual gain of over 21%

Gold bars 

Gold prices extended their gain at the last session of 2024, supported by strong demand for the safe haven and interest rate cuts but by central banks at the world's major economies.

Gold futures for February delivery increased 0.85%, or $22.9, to $2,641 per ounce.

However, the precious metal recorded monthly and interim losses of 1.5%, shrinking its annual gain to 21.4%.

The US dollar index, which measures the performance of the US currency against a basket of six major peers, rose by 0.3% to 108.45 points at 10:32 PM Makkah time, after touching its highest level since November 2022.

“Gold is in a secular bull market, but the direction of travel won’t be as one-directional in 2025 as in 2024,” said Nicky Shiels, head of metals strategy at MKS PAMP SA.

“Peak political fear is behind us following Trump’s decisive win… Central Bank buying trends will continue at a similar pace in 2025, but flows will remain more discreet given the threat of Trump tariffs on countries perceived to be actively de-dollarizing.”