Gold is experiencing one of its largest annual increases this century, with a 27% rise attributed to the U.S. monetary easing, ongoing geopolitical risks, and central bank purchases. Despite a decline following Trump's victory in the U.S. presidential election, gold's 2024 performance surpasses most other commodities.
Base metals have shown mixed results, with iron ore prices plummeting and lithium facing challenges. The varied performances highlight that no single factor dominates the movement of these metals, drawing attention to the trends in both base and precious metals for the coming year.
Looking ahead to 2025, investors are focused on the uncertainties surrounding U.S. monetary policy, potential frictions from Trump's presidency, and China's efforts to boost economic growth. The robust rise in gold prices, despite a strong dollar and rising U.S. Treasury yields, suggests a potential market shift.
