2025-12-23 10:46:12
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Short-Term Pullback: Spot Gold Retreats
After Setting New Records
On 23 December 2025, the gold market saw a modest pullback after notching fresh
all-time highs, with both international and onshore prices entering a phase of
mild correction while remaining at elevated levels. As of around 9:10 a.m.,
spot gold in London traded at 4,478.24 USD per ounce, up roughly 18.4 USD on
the day, showing a “dip-then-rebound” intraday pattern. By contrast, Shanghai
Gold Exchange’s Au(T+D) contract fell 0.88% to 972.3 CNY per gram, briefly
losing key short-term technical support.
Holiday Effect: Profit-Taking Drives
High-Level Consolidation
With the Christmas holidays approaching and overall liquidity thinning, some
short-term traders have chosen to lock in profits near historical highs,
prompting gold to give back part of its previous gains. However, there has been
no sign of panic selling or heavy-volume liquidation, suggesting that the move
is more about tactical position-trimming and technical consolidation than a
wholesale shift in sentiment.
Flows: World’s Largest Gold ETF Adds 12
Tons in a Single Day
Despite the price pullback, ETF flows continue to provide tangible support. The
latest data show that SPDR Gold Trust, the world’s largest gold ETF, increased
its holdings by 12.02 tons in a single day on 23 December,
extending the recent streak of net inflows. According to the World Gold
Council, global gold ETFs have added more than 700 tons so far this year,
pushing aggregate holdings back toward the highs last seen during the 2020
pandemic period.
Official Sector: Central-Bank Buying
Anchors the Medium-Term Bull Case
Central banks remain a key pillar of demand. As of end-November 2025, the
People’s Bank of China had raised its gold reserves to 74.12 million ounces,
marking the 13th consecutive month of net purchases and lifting gold’s share of
China’s official reserves to about 8%, still below the global average. Recent brokerage
research notes that ongoing reserve diversification, de-dollarisation and
heightened geopolitical risk mean central-bank gold allocations are likely to
rise further in coming years, providing a solid medium- to long-term foundation
for prices.
Outlook: Sideways at High Levels Rather
Than a Trend Reversal
Looking ahead, many analysts expect gold to trade in a high-level range
between roughly 4,400 and 4,500 USD per ounce in the near term, with
markets closely watching how support around 4,400 USD and resistance above
4,500 USD hold up. Provided incoming data continue to confirm cooling US
inflation and a credible Fed rate-cut path, and as long as central-bank and ETF
buying persists, the structural bull case for gold remains intact. In that
context, the current pullback is more likely to be seen as a healthy
consolidation within an ongoing uptrend, rather than the start of a
sustained downturn.
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