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Overview
- Comex December gold futures set a record close at $4,304.60 per ounce on October 16 after a run of successive highs earlier in the week.
- Prices fell about 2% on October 17, with the October contract settling at $4,213.30 as the dollar firmed and haven buying eased.
- Rising U.S.–China trade frictions and expectations of further Federal Reserve rate cuts have been key catalysts for the 2025 surge.
- Falling Treasury yields, a weaker dollar earlier in the week, and sustained demand from central banks and ETFs have reinforced the advance.
- Despite Friday’s pullback, gold gained 5.9% on the week and is up more than 60% year to date, with Commerzbank saying the climb to new records will likely continue.