2025-12-24 10:04:12
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Price Action: Spot Gold Clears the 4,500
USD Milestone
On 24 December 2025, spot gold broke through the psychologically
important 4,500 USD per ounce level for the first time in
history. Intraday, prices climbed as high as 4,511.93 USD, before stabilising
around 4,509.73 USD, up roughly 0.57% on the day and marking yet another all-time
high. Measured from the start of the year, gold has now risen by about 1,880
USD per ounce, a gain of more than 70%, putting it on track to record one of
its strongest annual performances since 1979.
Macro Drivers: Softer Labour Data and
Stronger Rate-Cut Bets
According to a report by China Chengxin (CCXI), the latest rise in US
unemployment in November further confirms signs of cooling in the labour
market, reinforcing expectations of looser monetary policy ahead. While core
inflation in the US remains elevated, it has been steadily moderating, and the
jobless rate has climbed above estimates of full employment and is still
trending higher—developments that provide both room and justification for the
Federal Reserve to start cutting rates next year. Lower real yields are
typically supportive for non-yielding assets such as gold. In parallel,
geopolitical tensions and uncertainty about global growth continue to underpin
safe?haven demand, helping gold extend its “Santa-rally-style” push into record
territory.
Flows and Positioning: ETFs and Thematic
Funds Amplify the Bull Story
As spot and futures prices hit new highs, capital flows into gold-linked
instruments have also intensified. The latest ETF positioning data show that
SPDR Gold Trust, the world’s largest gold ETF, held 1,064.56 tons of gold as of
22 December, having added 12.02 tons in just one day—one of the largest single-day
inflows in recent months. In China’s domestic market, equity ETFs focused on
gold-mining stocks have likewise rallied strongly: one flagship gold-stock ETF
has delivered a year-to-date return of roughly 94.8%, with a gain of more than
12% over the past month, highlighting how investors are using equity and ETF
channels to leverage the underlying gold bull trend.
Spillover to Silver and Other Metals:
Catch-Up Rally in Full Swing
The latest surge has not been confined to gold alone. COMEX silver futures have
also broken new ground, surpassing 70 USD per ounce for the first time and
hitting an intraday high of 71.79 USD, a jump of more than 4% on the session.
Analysts note that after several years of underperformance relative to gold,
silver now faces strong “catch-up” pressure as valuations normalise and
speculative funds rotate into lagging precious metals. Platinum and palladium
futures also rallied sharply, with daily gains of around 10% and 7%
respectively, reflecting a broader “risk-on” move across precious and base-metal
complexes.
Outlook: Uptrend Intact but Late-Year
Volatility Warrants Caution
Technically, gold remains comfortably above all major moving averages on the
daily chart, with momentum indicators firmly in positive territory. The 14-day
RSI has moved into overbought territory but has yet to show a clear bearish
divergence, suggesting that the underlying uptrend is still intact. Strategists
argue that a sustained hold above 4,500 USD would open the way toward 4,550 and
then 4,600 USD as the next upside targets, while on the downside, initial
support lies around 4,400 USD, followed by previous highs near 4,381 USD and
deeper support zones around 4,350 and 4,300 USD if a larger correction unfolds.
With year-end liquidity typically thinner and the probability of profit-taking
on the rise, analysts recommend that bullish investors manage position sizes
carefully, treating any pullbacks as technical pauses within an ongoing
structural bull trend, rather than straightforward signs of a market top.
Upway Global: Driving New Patterns in
Gold Investment
Upway Global, a prominent brand under Upway
Group, has been rooted in the market for over 15 years, holding Grade AA member
status (No. 084) at the HKGX and serving as a core member of
Bullion Group. As a key player in the precious metals investment sector, Upway
Global strictly follows international purity and quality standards, earning the
prestigious “Recognised Delivery Bar Refiner Certificate,” ranking among Hong
Kong’s top refiners. The brand focuses on offering diverse electronic trading
in precious metals, Its outstanding market performance includes a
single-day XAU turnover reaching USD 80.75 billion in 2025, with
over 1.2 million active members and over 600 million cumulative orders,
maintaining the highest average monthly trading volume at the HKGX.
At the same time, Upway Global recognises
that user experience is central to brand competitiveness. Our platform
offers 24/7 multilingual customer support, with dedicated service
specialists assisting clients around the clock. Standing side by side with
investors in a rapidly changing market, Upway Global helps clients achieve
steady asset growth through reliable and professional services.
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