NEW YORK / LONDON — December 24, 2025 — The gold price today remains in the spotlight after an extraordinary Christmas Eve session that saw spot gold punch through $4,500 per ounce and touch a fresh all-time high, before easing as traders locked in profits in holiday-thinned markets.
As of 1:28 p.m. ET (the closest widely published timestamp to this 1:32 p.m. ET update), the live spot gold price was $4,493.07 per ounce, according to JM Bullion’s spot feed. [1]
That level keeps gold close to record territory even after a pullback from the session peak — and it caps a year in which bullion has surged more than 70%, making 2025 one of the most dramatic gold rallies in decades. [2]
Gold price today: where spot gold is trading right now
Here’s a quick, publication-ready snapshot of the most referenced price points from Dec. 24, 2025:
- 1:28 p.m. ET: Spot gold $4,493.07/oz (live spot). [3]
- 11:52 a.m. ET (16:52 GMT): Spot gold $4,473.49/oz, down 0.3% on the day after hitting $4,525.18/oz earlier; February COMEX gold futures around $4,500.30. [4]
- 9:53 a.m. UTC: Spot gold around $4,489.91/oz after printing a fresh record high of $4,525.86/oz; silver also pushed to a record. [5]
Important note for readers: gold trades nearly around the clock, and prices can differ slightly across venues (spot feeds, futures, dealer spot widgets). So “gold price today” depends on timestamp and source — especially on a low-liquidity holiday session like Christmas Eve. [6]
Why gold spiked above $4,500 — and why prices turned choppy afterward
The story of Dec. 24 is a mix of breakout momentum and holiday market mechanics.
1) Thin Christmas Eve liquidity amplified the move
With several European markets on shortened schedules — and some fully closed — price action was unusually sensitive to marginal flows. Reuters highlighted that Amsterdam, Brussels, and Paris ran half-day sessions, while Germany and Milan were closed, contributing to thin liquidity across asset classes. [7]
This matters because gold’s rally into new highs has been fast — and in thin conditions, even modest buying (or profit-taking) can push prices sharply.
2) Profit-taking hit after the record print
By late morning in New York, Reuters reported “mild profit-taking” and chart consolidation after the record high, with spot gold easing toward the mid-$4,470s. [8]
That “two-step” pattern — spike to a record, then a pullback — is common after big psychological milestones, particularly when positioning is crowded and liquidity is scarce.
3) Rate-cut expectations keep underpinning bullion
Gold is a non-yielding asset, so it tends to benefit when investors expect lower interest rates and lower real yields.
Reuters noted the U.S. central bank has cut rates three times in 2025, and that traders were pricing two rate cuts next year, a backdrop that supports gold’s appeal even after such a large run. [9]
4) The weaker dollar tailwind remains in place
A softer U.S. dollar typically makes dollar-priced gold cheaper for non-U.S. buyers and can lift demand. Reuters’ global markets wrap said the dollar was down about 10% for the year against other major currencies — one of the macro forces helping bullion stay elevated. [10]
5) Geopolitics are back in the driver’s seat
Gold’s safe-haven bid strengthened again as fresh geopolitical headlines hit tape. Reuters flagged a developing situation involving a Venezuela-linked oil tanker pursued by the U.S. Coast Guard — one example of the kind of uncertainty that can boost demand for defensive assets. [11]
The bigger picture: what “gold price today” means after a 70%+ year
Gold isn’t just reacting to one day’s headlines. A growing portion of 2025’s rally appears tied to what analysts describe as structural or strategic forces:
- concerns about debt and long-run fiscal trends
- ongoing policy uncertainty
- central bank diversification and reserve strategy
- persistent demand for hedges during geopolitical volatility
Business Insider framed the 2026 setup as less about a single crisis and more about the world staying “uncertain” — a setting where gold can remain bid without a dramatic shock. [12]
“Gold price today” isn’t happening in isolation: silver and platinum also set records
This wasn’t a gold-only story.
On Dec. 24, Reuters reported:
- Silver hit an all-time high of $72.70/oz (later around $71.50/oz). [13]
- Platinum peaked near $2,377.50/oz before paring gains. [14]
The synchronized surge across precious metals suggests broad-based flows into the complex — not just a gold-specific catalyst.
Futures market check: volume fell sharply into the holiday
If you want a quick sanity check on market conditions, futures activity tells a clear story: it slowed.
The Associated Press reported that as of 10:00 a.m. on Dec. 24, estimated COMEX gold futures volume was 115,990 contracts, down from 263,635 the previous day. Open interest stood at 498,809, up 1,286 contracts. [15]
Lower volume on a major breakout day is a classic warning sign that moves can be exaggerated — and that intraday volatility can be driven by thinner order books.
Gold forecast: what analysts and banks are projecting next
With bullion near record levels, readers searching “gold price forecast” are mainly asking the same question: Is $4,500 the top, or a launchpad?
Near-term target: $4,600 on technicians’ radar
Kitco Metals senior analyst Jim Wyckoff told Reuters the next upside target is $4,600/oz for gold and $75/oz for silver “by the end of the year,” noting that the technical picture remains bullish. [16]
2026 baseline: $4,500–$4,700, with upside risk to $5,000
Business Insider reported that “major banks” see gold trading in the $4,500 to $4,700 range next year, with potential upside toward $5,000 if supportive macro conditions persist. [17]
A standout bank call: $4,900 by December 2026
Business Insider also cited a specific target from Goldman Sachs: $4,900 per ounce by December 2026. [18]
What could derail the bullish case?
Even optimists are flagging risks. Business Insider listed the most commonly cited headwinds as:
- a stronger U.S. dollar
- a sustained pivot back to risk-on markets that reduces safe-haven demand [19]
In other words, gold’s outlook is still tied to the same macro levers that powered 2025 — especially rates, the dollar, and geopolitics.
What’s driving gold demand beyond the headlines: ETFs and central banks
For readers looking past the daily chart, one of the most important questions is whether big pools of capital are still moving into gold.
A Reuters explainer published into the Dec. 24 news cycle pointed to:
- strong inflows into physically backed gold ETFs in 2025 (citing World Gold Council data) [20]
- continued attention on central bank buying and reserve diversification [21]
That matters because ETF and official-sector flows can support prices even when speculative flows fade.
Technical analysis: why the market is watching $4,500 and $4,525
From a chart perspective, Dec. 24 delivered two major technical markers:
- $4,500: the psychological breakout level (now a key sentiment gauge) [22]
- ~$4,525: the fresh all-time high zone that traders will treat as first resistance on any retest [23]
The price action described by Reuters — consolidation and profit-taking after the high — is consistent with a market digesting a major breakout rather than immediately reversing trend. [24]
How to read “gold price today” like a pro: spot vs futures vs physical
Gold headlines can be confusing because different products trade at different prices:
- Spot gold (XAU/USD) is the benchmark “cash” reference price used globally. [25]
- Gold futures (COMEX) can trade at a premium/discount depending on financing, delivery terms, and positioning. [26]
- Physical gold (coins/bars) usually trades at a premium to spot due to fabrication, distribution, and dealer costs — so retail prices can look “too high” versus spot. [27]
That’s why a strong Google News article will always anchor prices to a timestamp and specify whether it’s spot or futures — especially during volatile sessions.
Bottom line for Dec. 24, 2025
Gold’s surge beyond $4,500 and into the $4,525 record zone marks a defining moment for 2025’s commodity story — but today’s intraday chop also reflects the reality of holiday liquidity and a market that is “stretching” after a historic run.
As of early afternoon New York time, spot gold was still hovering near $4,493/oz, keeping the breakout intact and leaving investors focused on whether the next leg points toward $4,600 (near-term technical target) and potentially $5,000 (a level increasingly discussed in 2026 forecasts). [28]
This article discusses market prices and analyst commentary for news purposes only and is not investment advice.
References
1. www.jmbullion.com, 2. www.reuters.com, 3. www.jmbullion.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.jmbullion.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.businessinsider.com, 13. www.reuters.com, 14. www.reuters.com, 15. apnews.com, 16. www.reuters.com, 17. www.businessinsider.com, 18. www.businessinsider.com, 19. www.businessinsider.com, 20. www.kitco.com, 21. www.kitco.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.jmbullion.com, 26. www.reuters.com, 27. www.jmbullion.com, 28. www.jmbullion.com
