NEW YORK, December 31, 2025, 17:30 ET — After-hours
- GLD was down 0.6% in after-hours trade as spot gold edged lower late in the day.
- CME set new metal margin requirements to take effect after Wednesday’s close, raising the cash collateral needed for futures positions.
- Traders are looking to early-January U.S. jobs and inflation reports for fresh clues on the Fed’s 2026 path.
Gold-linked exchange-traded funds eased in U.S. after-hours trading on Wednesday as bullion drifted lower into the final hours of the year. SPDR Gold Shares (GLD) was down 0.6% at $396.31.
The late dip matters because gold has become one of 2025’s defining trades, and the last week has seen unusually sharp swings. A fresh increase in futures margin requirements — the cash collateral traders must post to hold leveraged positions — has added to the pressure. CME Group+2CME Group+2
Investors are also recalibrating interest-rate expectations after Federal Reserve minutes showed deep divisions over the latest cut, keeping the 2026 policy outlook in focus. That backdrop can move the dollar and yields, key drivers for gold because the metal does not pay interest. Reuters
Spot gold was quoted at $4,332 an ounce at 5:11 p.m. ET, down $13.66, or 0.32%, on the day, data from JM Bullion showed. JM Bullion
The market’s recent turbulence has been swift. Spot gold fell 4.5% on Monday to $4,330.79, then rebounded 0.8% on Tuesday to $4,364.70, Reuters reported. Reuters+1
Even with the year-end wobble, gold is up about 66% in 2025 — its steepest annual climb since 1979 — supported by U.S. rate cuts, central-bank buying, geopolitical risks and flows into bullion-backed ETFs, Reuters said. Reuters
CME Group said new performance bond requirements for metals would take effect after the close on Wednesday, following an earlier adjustment that took effect this week. Higher margins force traders to put up more cash and can trigger position-cutting when prices swing quickly. CME Group+2CME Group+2
The Fed minutes, covering the Dec. 9-10 meeting, showed some policymakers saw the rate-cut decision as “finely balanced,” with debate centered on inflation progress and signs of softer job growth. The minutes also pointed to a more cautious outlook, with new projections showing only one rate cut expected next year after the benchmark rate was lowered to a 3.5%-3.75% range. Reuters
Currency moves stayed in the frame. The dollar held its gains after the minutes but was still on course for its steepest annual drop in eight years, Reuters reported — a broader tailwind for gold over 2025. Reuters
Gold-related equities tracked the softer tone. Newmont was down about 2% and Agnico Eagle fell 1.4% in late trading, while the iShares Gold Trust (IAU) slipped 0.7%.
“The trade remains generally favourable,” Peter Grant, vice president and senior metals strategist at Zaner Metals, said on Tuesday as prices steadied after the prior day’s selloff. Reuters
The calendar now shifts quickly. Most markets will be closed on Jan. 1 for the New Year holiday, and Reuters said its precious-metals report will resume on Jan. 2. Reuters
Traders will then turn to early-January U.S. data, including the Labor Department’s December jobs report scheduled for Jan. 9 and the December consumer price index on Jan. 13, as the next major tests for rate expectations. The Fed’s next policy meeting is Jan. 27-28, with investors currently expecting rates to be left unchanged. Bureau of Labor Statistics+1
