International Precious Metals Futures closed sharply lower, with COMEX Gold Futures dropping 1.87% to $2705.2 per ounce, and spot Gold plummeting nearly 1.6% to fall below $2680; COMEX Silver Futures fell 4.25% to $31.565 per ounce, while spot Silver dropped nearly 2.6% during the session to dip below $30.90.
Gold expanded its decline as mixed economic data from the USA pushed investors to take profits after four consecutive days of rising prices.
Citi forecasts that Gold and Silver will gradually trend upwards in the next 3-12 months, reaching $3000 and $36 per ounce, respectively. The basic assumption is that Crude Oil Product prices will gradually decline to $60 per barrel before the middle of 2025. It is expected that the overall CSI Commodity Equity Index market will experience a slight decline in 2025.
ING Groep is bearish on the outlook for commodities next year, expecting Gold to stand out.
The World Gold Council stated that Gold prices are likely to achieve their best annual performance in over a decade, with growth in the Gold market expected to slow in 2025, but still leaving room for increase.