Gold prices are holding near historic highs on Wednesday, December 24, 2025, after briefly surging above the milestone $4,500 per ounce level and setting a fresh all-time high earlier in the session. In thin Christmas Eve trading, the market is now digesting the move—balancing profit-taking against a powerful mix of rate-cut expectations, a weaker U.S. dollar, persistent geopolitical risk, and ongoing central bank and ETF demand. [1]
Gold price at 10:32: Where XAU/USD is trading now
As of around 10:32 a.m. Eastern Time on 24.12.2025, spot gold was fluctuating in the upper $4,400s, roughly around $4,480 per ounce, after pulling back from the session’s record peak above $4,525. [2]
Here’s the key snapshot investors are watching today:
- Spot gold (XAU/USD): hovering around $4,48x/oz near 10:30 a.m. ET (with live dealer feeds showing $4,479.37 at 10:28 a.m. ET) [3]
- Today’s record high:$4,525.19/oz (new all-time high hit earlier in the session) [4]
- COMEX gold futures: trading near the $4,50x area in the latest updates cited by major market reports [5]
This “pause after a breakout” pattern is common when a market clears a major psychological level—especially on a holiday-shortened trading day, when lower liquidity can exaggerate both rallies and pullbacks. [6]
What happened to gold prices today: From breakout to consolidation
Gold’s price action on 24 December 2025 has followed a clear intraday story:
- Break above $4,500 — Spot gold moved through the headline level for the first time, extending a year-long run of record highs. [7]
- Fresh all-time high near $4,525 — A new peak was printed early in the session before the market cooled. [8]
- Profit-taking and “breather” trade — By the U.S. morning, spot gold was off the highs (Reuters cited $4,468.96 at 10:04 a.m. ET) while still holding comfortably above the mid-$4,400s. [9]
The key point for readers tracking “gold price today” is that the trend hasn’t broken—it’s consolidating at elevated levels after an exceptional surge. [10]
Why gold is moving: The 4 forces driving prices on 24.12.2025
1) Fed rate-cut expectations and the “real yield” story
Gold is famously sensitive to interest rates because it doesn’t pay yield. Today’s rally has been closely linked to expectations that the Federal Reserve will continue easing into 2026. Reuters notes traders are pricing in two cuts next year, a backdrop that tends to support non-yielding assets like bullion. [11]
2) A weaker U.S. dollar is lifting dollar-priced metals
The U.S. dollar has been under pressure into year-end. Reuters’ global markets report put the dollar down about 10% in 2025, and also highlighted how Treasuries rallied this year alongside renewed Fed rate cuts. A softer dollar mechanically makes gold cheaper for non-U.S. buyers—and often boosts demand. [12]
3) Geopolitical risk and “safe-haven” positioning
Gold’s safe-haven bid has been supported by a mix of global tension points referenced in today’s reporting—including Middle East risks, uncertainty around Russia–Ukraine outcomes, and a Venezuela-related tanker standoff cited in market coverage. [13]
4) Structural demand: Central bank buying + ETF inflows
Beyond headlines, structural buying is a major pillar in late-2025 gold strength:
- Reuters reporting cited central banks on track to buy ~850 tons of gold in 2025 (down from 1,089 tons in 2024, but still historically strong). [14]
- Physically backed gold ETFs were cited as heading for their biggest inflow since 2020, attracting $82 billion (about 749 tons) so far this year, according to the World Gold Council (as quoted in Reuters coverage). [15]
Those figures matter because they suggest gold’s move isn’t just short-term speculation—it’s being reinforced by heavyweight demand channels. [16]
The wider precious-metals story: Silver and platinum are making headlines too
Gold isn’t rallying alone. Today’s news flow is dominated by a broader “precious metals frenzy” narrative:
- Silver hit an all-time high around $72.70 in today’s reporting and remains dramatically higher year-to-date. [17]
- Platinum also printed record levels near $2,377.50 before paring gains. [18]
This matters for gold investors because cross-market flows can amplify momentum. When investors and funds rotate into “metals” as a theme, gold can benefit even if its own fundamentals are unchanged. [19]
Holiday trading conditions: Why Christmas Eve matters for volatility
A recurring theme across today’s market coverage is thin liquidity:
- Reuters explicitly described thin liquidity in global markets and noted shortened sessions across parts of Europe, with some bourses closed and others trading half days. [20]
- Market commentary cited by major outlets also warned against overreading late-December price spikes, since technical positioning and holiday conditions can exaggerate moves. [21]
For SEO readers searching “gold price today 10:32,” the takeaway is simple: intraday swings may look dramatic, but the most important signal is that gold is still holding near record territory even after profit-taking. [22]
Today’s key headlines and analysis: What major outlets reported on 24.12.2025
Here’s a curated roundup of the most relevant “gold price today” reporting published on December 24, 2025:
- Reuters: Gold broke above $4,500 for the first time; spot around $4,494 at one point after touching a record $4,525; commentary highlighted central bank buying, a falling dollar, and haven demand. [23]
- Reuters (market wrap): spot gold was cited near $4,489.91, and the year’s gain around 72%, alongside notes on thin liquidity and broader year-end market conditions. [24]
- Reuters (year-end rally piece): emphasized the policy/dollar/geopolitics mix, plus 850 tons of central bank buying and $82 billion of ETF inflows (WGC) as key pillars. [25]
- Business Insider: argued gold has “room to run” into 2026 on structural drivers; cited major-bank expectations and highlighted a path toward $4,900 under Goldman Sachs’ 2026 view. [26]
- The Times (UK): framed the move as a record-breaking year, noting diverging forecasts—bullish targets near $4,900 vs. a more bearish call around $3,500. [27]
- AP (markets data): reported COMEX gold futures activity stats (volume/open interest) as of 10:00 a.m. in its update. [28]
- MarketWatch (strategist commentary): described the late-year precious metals run as unusually sharp and flagged the risk of near-term profit-taking amid thin liquidity (while staying constructive longer-term). [29]
Gold price forecast for 2026: What strategists are projecting now
Forecasts are converging around a key idea: gold may remain elevated in 2026, but volatility and two-way risk are rising after such a historic year.
Bullish scenarios: $4,900–$5,000 (and beyond)
Several forecasts highlighted in today’s coverage lean bullish:
- Goldman Sachs: forecast cited around $4,900 by December 2026. [30]
- Société Générale (via Reuters): flagged $5,000/oz by end-2026 as a strategists’ forecast, while warning a major drop could be tied to a slowdown in “outright gold buying” (especially from emerging-market central banks). [31]
- JP Morgan / Morgan Stanley / Metals Focus (Reuters mid-December outlook): Reuters previously reported forecasts pointing toward $5,000 territory in 2026 (including JP Morgan expecting averages above $4,600 in Q2 2026 and more than $5,000 in Q4 2026, and Morgan Stanley around $4,500 by mid-2026). [32]
Base-case moderation: Still strong, but less explosive
Not every major outlook expects a straight line higher:
- Reuters’ December 17 outlook noted expectations that the rally may slow in 2026, even if elevated prices persist—especially if global growth stabilizes and real rates stay relatively high. [33]
- In that same report, Macquarie was cited with an average price view of $4,225 in 2026 (below then-current spot levels at the time). [34]
Bearish scenarios: The $3,500 reset risk
A meaningful minority of strategists still see downside risk if positioning and marginal demand cool:
- The Times highlighted a notably bearish forecast around $3,500, suggesting speculative momentum could fade. [35]
- Market commentary referenced today also emphasizes the risk of profit-taking and the possibility that late-year moves are being amplified by liquidity and technical flows. [36]
Technical levels traders are watching into the year-end close
Even long-term investors keep an eye on technical levels because they can influence short-term volatility and headlines:
- $4,500/oz: the big psychological “breakout” level now being tested as support. [37]
- $4,525/oz area: the new record zone—markets often revisit such highs before deciding the next directional move. [38]
- $4,600/oz: cited in Reuters coverage as an upside target mentioned by a senior analyst at Kitco. [39]
With year-end liquidity thin, these levels can be reached faster than usual—then reversed just as quickly. [40]
What could move gold next: The catalysts to watch after 24.12.2025
As markets move from Christmas Eve toward year-end and then into early 2026, the next leg in gold will likely hinge on a few high-impact themes:
- Fed expectations: whether “two cuts in 2026” stays priced in—or grows. [41]
- U.S. dollar direction: after a weak 2025, a reversal or continued slide can meaningfully shift gold’s next trend. [42]
- Central bank buying pace: still strong, but any slowdown has been flagged as a key risk factor by strategists. [43]
- ETF flows: 2025 has been exceptional; continuation vs. cooling will matter for price sustainability. [44]
- Geopolitical headlines: gold remains extremely sensitive to sudden risk events. [45]
Bottom line for “gold price today” searches
At 10:32 a.m. ET on December 24, 2025, gold is not merely “up”—it’s camping near record highs after a historic year, with spot prices hovering around $4,48x per ounce and the market still focused on the new $4,500 regime. [46]
Whether gold extends to $4,600 and beyond—or pulls back as holiday liquidity fades—depends on the same drivers that powered 2025: rates, the dollar, geopolitics, and sustained institutional demand. [47]
This article is for informational purposes and reflects market pricing and reporting on 24.12.2025; it is not investment advice.
References
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