Gold prices are taking a breather on Thursday, December 25, 2025, as Christmas Day market closures drain liquidity and leave traders leaning on Wednesday’s final pricing as the most reliable benchmark. Still, the pause comes near historic highs after bullion smashed through the $4,500-per-ounce psychological level earlier this week.
At around 10:19 a.m. Eastern Time, spot gold (XAU/USD) was hovering near $4,479 per ounce—effectively consolidating just under $4,500 after a record run. Live spot screens showed bids in the $4,478–$4,481 zone, a narrow range that reflects the quiet holiday tape. Kitco
Gold price today at 10:19: the latest spot and futures levels
Here’s where gold stood around the 10:19 a.m. ET update window:
- Spot gold (XAU/USD): roughly $4,479 per ounce, with live quotes indicating about $4,478.60 bid / $4,480.60 ask. Kitco
- U.S. gold futures: the latest widely reported pricing (from the final U.S. session before the holiday) had spot gold near $4,480 and U.S. gold futures near $4,483. Reuters
- Per-gram reference (24K): approximately $144.02 per gram (derived from the same spot reference set). 150Currency
Because many major markets are closed for Christmas Day, pricing can look “still” compared with a normal session—and different platforms may show slightly different quotes depending on their feed, bid/ask convention, and update timing. FXEmpire
Why gold is quiet today: Christmas closures and thin liquidity
Several major trading venues are either closed or operating with reduced participation, which tends to compress intraday movement and make prices more sensitive to small flows.
One of the clearest themes in today’s commentary is that gold’s pullback is more consolidation than reversal. FXEmpire’s Dec. 25 outlook notes that trading activity is thinned by holiday closures, with the latest “reference” coming from the final session before Christmas, and frames the move as a pause near $4,479 after an all-time high near $4,526. FXEmpire
That aligns with the broader market wrap from Reuters late Wednesday, which described gold easing modestly from records and holding just below $4,500 in the light-volume, holiday-shortened session. Reuters
The bigger story: gold’s record week and the $4,500 breakout
While today’s tape is calm, the backdrop is anything but.
Gold’s breakout above $4,500/oz this week is tied to a powerful mix of macro and geopolitical drivers:
- Expectations of U.S. rate cuts in 2026 (lower rates generally support non-yielding assets like gold)
- A softer U.S. dollar (which tends to boost dollar-denominated commodities)
- Geopolitical uncertainty and trade risks, increasing demand for “store-of-value” assets
- Central bank buying and ETF inflows, which have added structural demand
Reuters reported that gold topped $4,500 for the first time on December 24, hitting a record around $4,525, while silver and platinum also notched fresh records during the same surge. Reuters
In other words: today’s consolidation near $4,480 is happening right after one of the most dramatic upside moves in modern precious-metals history.
What’s driving gold: rates, the dollar, and safe-haven demand
1) Fed rate-cut expectations are still the core tailwind
Multiple recent reports and analyst notes keep returning to the same anchor: markets continue to price a more accommodative Federal Reserve path into 2026, supporting gold by pressuring real yields and limiting the opportunity cost of holding bullion. Reuters
FXEmpire’s Dec. 25 analysis explicitly points to rate expectations as a factor that can cap dollar strength, helping gold stay supported near record highs even as liquidity dries up. FXEmpire
2) The U.S. dollar’s 2025 slide has amplified the rally
A weakening dollar has been a recurring feature in late-2025 market commentary, and Reuters’ Dec. 24 wrap highlighted the dollar’s poor year and the market’s focus on further easing in 2026. Reuters
3) Geopolitics and “deglobalization” hedges are back in focus
This week’s surge has also been framed as more than just a rate story: Reuters’ Dec. 24 reporting pointed to geopolitical uncertainties and trade tensions as key reasons investors piled into metals. Reuters
Some technical analysts also referenced U.S.–Venezuela tensions as part of the renewed safe-haven narrative behind gold’s jump to new highs. Reuters
Today’s forecasts and analyses dated 25.12.2025: what analysts are saying now
Because you asked specifically for 25.12.2025, here are the most prominent forecasts/analyses published today and what they imply.
FXEmpire (Dec. 25): “bullish channels hold” after holiday consolidation
FXEmpire’s Dec. 25 note frames gold as pausing near $4,479 after reaching about $4,526, emphasizing that holiday-thinned markets do not necessarily weaken the broader bullish structure. It also highlights a technical roadmap: support in the $4,450 area, with an upside target back toward the $4,520 zone when liquidity returns. FXEmpire
DailyForex / TalkMarkets (Dec. 25): trend “strongly bullish,” key levels mapped
A Dec. 25 technical write-up carried by DailyForex (and republished on TalkMarkets) also describes the broader trend as strongly bullish, citing this week’s all-time high near $4,525 and pointing to a band of supports/resistances traders are watching:
- Support: $4,435 → $4,380 → $4,300
- Resistance: $4,540 → $4,590 → $4,660 DailyForex
The same commentary argues that breaking $4,500 could keep momentum alive into year-end and beyond, while warning that holiday conditions can bring higher volatility despite fewer headlines. DailyForex
Gold outlook for 2026: where Wall Street and strategists see prices heading
Even with gold already near $4,500, forecasts remain surprisingly upbeat—but not unanimous.
Goldman Sachs: $4,900 by December 2026
Reuters reported that Goldman Sachs projects gold could rise to about $4,900/oz by December 2026, citing structurally high central-bank demand and cyclical support from Fed rate cuts (with upside if broader investor diversification accelerates). Reuters
“$5,000 gold” is now a mainstream scenario—at least in some models
Reuters’ Dec. 24 coverage of the metals frenzy included analyst expectations that gold could target $5,000 (and silver ~$80) over the next 6–12 months, while also stressing that thin year-end liquidity can exaggerate swings. Reuters
The bull case vs. the correction case
A key point for readers: after such a vertical run, forecasts diverge sharply. Some commentators argue gold’s move is still structurally supported by policy uncertainty, debt concerns, and geopolitics, while others warn that if the market reprices rate cuts—or if the dollar rebounds—gold could see deeper pullbacks. Business Insider summarized that banks’ base cases cluster around $4,500–$4,700 in 2026, with upside scenarios toward $5,000, while acknowledging risks like renewed dollar strength and a shift back toward risk assets. Business Insider
Technical analysis: key support and resistance levels after the holiday
With liquidity returning after Christmas, technicians will likely focus on whether gold can reclaim the $4,500 handle quickly or whether the market builds a broader base.
Levels repeatedly cited in today’s analyses include:
- Immediate pivot area: ~$4,480 (current consolidation zone) FXEmpire
- Near-term support: ~$4,450 (FXEmpire) FXEmpire
- Deeper support band: $4,435 / $4,380 / $4,300 (DailyForex/TalkMarkets) DailyForex
- Upside checkpoints: $4,520–$4,526 (recent peak area), then $4,540 and higher resistances $4,590–$4,660 FXEmpire
A practical takeaway: the market is still treating pullbacks as potential “buy-the-dip” setups—but only as long as price holds above these support zones and the macro backdrop (rates/dollar/geopolitics) doesn’t flip.
What to watch next: catalysts that could move gold after Christmas
Even if December 25 itself is quiet, several near-term catalysts matter:
- Post-holiday economic releases: FXEmpire flagged upcoming Japan data (including Tokyo core CPI, unemployment, industrial production, retail sales) as potential risk sentiment drivers once markets reopen more fully. FXEmpire
- U.S. rates narrative: markets remain sensitive to anything that changes the expected path of Fed cuts in 2026—especially labor-market signals and inflation prints. Reuters’ Dec. 24 market wrap linked jobless-claims dynamics and rate-cut expectations directly to gold’s strength. Reuters
- Geopolitical headlines: renewed flare-ups can spark rapid safe-haven bids, particularly in a market already primed by strong momentum. Reuters
- Liquidity conditions through year-end: multiple analysts emphasized that thin year-end liquidity can exaggerate both rallies and pullbacks—meaning volatility can rise even when the calendar looks “quiet.” Reuters
Bottom line
At 10:19 a.m. ET on December 25, 2025, gold remains near $4,480 per ounce, consolidating just below the $4,500 milestone after this week’s record high near $4,525–$4,526. Kitco
The dominant narrative hasn’t changed: expectations for easier monetary policy in 2026, a softer dollar, central-bank and ETF demand, and persistent geopolitical uncertainty have kept gold supported near all-time highs—even as the holiday shutdown temporarily mutes trading. Reuters
Note: Prices are indicative and can vary by provider and timestamp, especially during holiday-thinned trading.
