Gold Price News: Gold Nears All-Time Highs

Gold prices added further gains on Friday, coming close to their all-time highs seen in October last year, as comments by the US President put the dollar under pressure.

Gold prices rose as high as $2,786 an ounce on Friday, up from around $2,755 an ounce in late trades on Thursday. That was the highest price since gold’s all-time high of $2,792 an ounce seen in late October 2024.

Tariffs talk gives way to signals of lower interest rates

US President Donald Trump was quoted as calling for lower interest rates around the world, speaking in a virtual address to the World Economic Forum in Davos, Switzerland, on Thursday. If borne out, lower interest rates would tend to support non-interest-bearing assets like gold.

In addition, the chat over possible US trade tariffs ebbed last week, contributing to weakness in the US dollar, with the currency falling against other major currencies. This in turn pushed dollar-denominated gold prices higher through the week.

Upcoming data/events

Looking ahead, ECB President Christine Lagarde is set to give speeches on Monday and Tuesday. The markets will be watching with interest for signs on the path forward for the central bank’s monetary policy, after it cut interest rates four times in 2024 as inflation came down closer to target levels. Tuesday will also bring US durable goods orders figures for December as well as consumer confidence numbers for January.

Frank’s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets. He has worked as a senior editor for S&P Global Commodity Insights (formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.

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