Gold retreats following the move higher to the $4,525 area, or a fresh all-time peak, though the downside remains limited amid a bullish fundamental backdrop.
The US Dollar selling bias remains unabated on the back of dovish Fed expectations, which continues to act as a tailwind for the bullion amid persistent geopolitical risks.
Gold rose past $4,500 per ounce on Wednesday to a fresh record, driven by expectations of further Federal Reserve easing and rising geopolitical tensions. US economic growth remained solid in the third quarter, with GDP expanding at a faster pace than in the prior period, although labor market data pointed to continued but gradually moderating job creation.
Markets are still pricing in two rate cuts in 2026 as inflation cools and employment conditions soften, even as policymakers remain divided. Meanwhile, tensions involving Venezuela, where the US has blockaded oil tankers, have lifted safe-haven demand and increased geopolitical risk across commodity markets.
Gold is now up around 70% this year and is on track for its strongest annual gain since 1979, supported by sustained central bank buying and steady inflows into gold-backed funds.
Source: Fxstreet
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