The recent resurgence in physical demand from China has been a key catalyst in this rally. Additionally, the People's Bank of China increased its gold reserves in November after a six-month pause, while the country announced plans to ease its monetary policy.
The collapse of the Syrian regime led by Bashar al-Assad has partially reshaped dynamics in the Middle East, raising concerns about regional stability and intensifying military operations.
Central banks in Canada, Switzerland, and Europe are expected to lower interest rates, making gold more attractive by reducing the opportunity cost of holding it.
Markets are closely watching the U.S. inflation report to be released tomorrow, which will be crucial in assessing the outlook for rate cuts by the Federal Reserve in 2025.
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