At around 5:02 a.m. New York time on Tuesday, December 23, 2025, the spot gold price was hovering near $4,480 per ounce, keeping bullion close to the latest wave of record highs as global markets digested shifting rate expectations, renewed geopolitical risk headlines, and persistent demand from official-sector buyers. [1]
By later in the session, gold’s rally had strengthened into a broader precious-metals surge: spot gold rose to about $4,493/oz and hit a fresh all-time high of $4,497.55/oz, while U.S. February gold futures settled around $4,505.7. [2]
What stands out isn’t just the price level—it’s the combination of forces behind it: easing-rate narratives, a softer dollar, safe-haven demand, and a longer-running theme of central bank diversification that strategists argue could keep supporting gold into 2026. [3]
Gold price today: live levels and key intraday milestones
Because “gold price today” can refer to different benchmarks, here’s what the market was watching on 23.12.2025:
- Early U.S. hours (around 5 a.m. New York time): spot gold near $4,480/oz. [4]
- Europe-to-U.S. session (around 07:53 GMT): spot gold up about 0.9% to $4,486.55/oz, after touching $4,497.55/oz; U.S. gold futures around $4,519.20. [5]
- U.S. afternoon (about 3:12 p.m. ET / 20:12 GMT): spot gold about $4,492.99/oz, with the day’s record at $4,497.55/oz; February futures settled near $4,505.7. [6]
Independent quote services reflected the same price neighborhood. Kitco showed spot gold around $4,489 bid / $4,491 ask, with an indicated day range roughly $4,430–$4,501. [7]
Why is gold going up today?
Gold’s December 23 rally wasn’t a single-story move—it was a convergence.
1) Safe-haven demand got a fresh catalyst
One of the day’s most-cited geopolitical drivers: U.S. President Donald Trump ordered a “blockade” of sanctioned oil tankers entering/leaving Venezuela and said he was not ruling out war—headlines that tend to increase demand for defensive assets, including gold. [8]
2) The dollar weakened, supporting dollar-priced metals
A softer U.S. dollar typically makes gold cheaper for non-dollar buyers and can boost demand at the margin. Reuters noted the dollar lower in a holiday-shortened week as gold and silver pushed records. [9]
3) Rate-cut expectations stayed in the mix—even with strong GDP data
Gold is famously sensitive to real yields and the opportunity cost of holding non-yielding assets. On Dec. 23, markets also digested U.S. growth data that came in stronger than expected—Reuters reported Q3 GDP at a 4.3% annualized pace—yet precious metals still held firm at record levels in the broader cross-asset tape. [10]
4) Central bank diversification remains the “structural bid”
Beyond day-to-day headlines, multiple analyst notes and reports continue to emphasize central bank foreign reserve diversification as a multi-year tailwind for gold. Reuters also pointed to this theme explicitly, citing commentary that central bank diversification could remain a major driver “through the end of the decade.” [11]
Today’s top gold news (23.12.2025): what investors are reading now
Gold hits a new all-time high near $4,500
By the U.S. afternoon, Reuters reported spot gold up about 1.1% near $4,493/oz after setting a new record at $4,497.55/oz, capping a year in which bullion has surged roughly ~70%. [12]
Gold’s rally is strong enough to move currencies and policy responses
Gold isn’t just a commodity story today—it’s bleeding into FX and regulation:
- Thailand: Officials said they are considering a tax on online gold transactions and exploring ways to limit volumes after officials argued “huge” gold trading has been driving baht strength. Reuters reported the baht up 10.3% against the dollar this year and officials claiming large gold transactions could be equivalent to 50% of GDP. [13]
- South Africa: Reuters reported the rand gained support as record gold prices boosted sentiment around a key export, with the currency set to end the year up over 12% versus the dollar. [14]
Precious metals complex confirms a “risk-off + supply story” bid
Gold’s strength came alongside major moves in sister metals. Reuters reported silver breaking above $70/oz and posting a new high near $71.49, reinforcing that this isn’t only a gold-specific event but a broad metals repricing. [15]
Technical analysis: what traders are watching after the $4,500 milestone
When gold is making new highs, technical analysis tends to revolve around psychology and momentum rather than “old” resistance levels.
The “round number” effect around $4,500
The repeated testing of $4,500 is significant because round numbers often act as magnets for liquidity—especially late in the year when trading conditions can thin out. Reuters and market commentary highlighted the risk of year-end profit-taking, even as the broader trend remains bullish. [16]
Short-term target zones being discussed today
Several market-analysis outlets publishing on 23 December 2025 highlighted upside targets while acknowledging a potential corrective pullback:
- DailyForex described the trend as still constructive, arguing pullbacks may be viewed as opportunities by trend-followers, and noted the market is drawing closer to a $5,000/oz narrative. [17]
- RoboForex framed the session as a new XAUUSD high, discussing a near-term technical pathway toward ~$4,550 with an alternate corrective scenario toward ~$4,440. [18]
As always, technical views vary—and in record territory, volatility can rise quickly if positioning becomes crowded or if macro news jolts yields and the dollar.
Gold forecast and price predictions: what the 2026 outlook looks like on 23.12.2025
The most important question behind “gold price today” is whether today’s levels are the new floor—or the late-cycle peak. Forecasts circulating in late December show a split between bullish structural narratives and more cautious “cool-down” scenarios.
The $5,000 gold conversation is now mainstream
Reuters reporting this month highlighted a growing cluster of forecasts that put $5,000/oz in sight during 2026, including views attributed to JP Morgan, Bank of America, and Metals Focus. [19]
Reuters also reported a bullish note pointing to $5,000 next year amid the same central-bank diversification theme and elevated geopolitical risk. [20]
Big-bank targets: Goldman’s $4,900 (base case) by Dec 2026
In a widely cited bank call published Dec. 18, Reuters reported Goldman Sachs forecasting gold at $4,900/oz by December 2026 in its base case, supported by strong central bank demand and Fed rate cuts (with upside risks if investor diversification broadens). [21]
“Bullish, but not a straight line”: the case for slower gains in 2026
Even among optimists, many forecasts emphasize that 2026 may not replicate 2025’s pace. Reuters’ Dec. 17 report described expectations for a less dramatic climb, with one example scenario from Macquarie projecting average 2026 prices near $4,225, contrasted with higher targets from other banks and strategists. [22]
IG’s 2026 outlook: $4,500–$4,700 base zone, $5,000 upside
IG’s commodities outlook published early on Dec. 23, 2025 summarized a market view that gold enters 2026 with structural support from declining real yields, heavy government spending, and central bank demand, citing that major banks forecast roughly $4,500–$4,700 with potential upside toward $5,000 if the macro backdrop persists. [23]
What could move gold next: catalysts to watch after Dec. 23’s record
Gold traders typically focus on the same core variables—but at record highs, their sensitivity increases.
Key upside catalysts
- Further deterioration in real yields (either via rate cuts or lower inflation-adjusted yields), reinforcing the “lower opportunity cost” argument. [24]
- Central bank reserve diversification staying strong, supporting dips and extending the trend. [25]
- Escalation in geopolitical risk, which can quickly trigger safe-haven demand surges. [26]
Key downside risks
- Profit-taking and liquidity effects into year-end: multiple market reports flagged the potential for pullbacks as holiday-thinned trading can exaggerate moves both up and down. [27]
- A sharp rebound in the U.S. dollar or a jump in yields, which can pressure bullion even if long-term demand remains intact. [28]
- Risk-asset liquidation events: Reuters has noted that sharp equity drawdowns can sometimes force selling of even safe-haven assets to meet margin calls. [29]
Bottom line
The gold price today (23.12.2025) remains defined by one big fact: bullion is trading at record territory near $4,500/oz, with prices around $4,480 in early U.S. hours and a session high reported at $4,497.55. [30]
For the near term, gold is likely to stay highly sensitive to dollar moves, yield shifts, and geopolitical headlines, while the medium-term narrative remains anchored in central bank demand and portfolio diversification—the same forces behind forecasts that keep $4,900–$5,000 in the 2026 conversation. [31]
Prices cited are indicative spot/futures quotes reported by major market sources on Dec. 23, 2025 and can vary by venue and timing. [32]
References
1. goldprice.org, 2. www.reuters.com, 3. www.reuters.com, 4. goldprice.org, 5. www.reuters.com, 6. www.reuters.com, 7. www.kitco.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.dailyforex.com, 18. roboforex.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.ig.com, 24. www.ig.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. goldprice.org, 31. www.reuters.com, 32. www.reuters.com
