The red metal has notched a series of all-time highs in an end-of-year surge, rallying 42% on the London Metal Exchange this year.
“In my career, it’s unprecedented,” said John Reade, a market veteran and chief strategist at the World Gold Council.
“The biggest factor for the dollar in first quarter will be the Fed,” said Yusuke Miyairi, a foreign-exchange strategist at Nomura.
“The numbers themselves are somewhat jaw dropping,” said IG Wealth Management chief investment strategist Philip Petursson by phone.
The return of Chinese buyers is welcome news for U.S. exporters, and a reminder that buying patterns can change fast — but it is not yet a full reset.
Wall Street’s S&P 500 is up 16.5% in 2025, beating analysts’ forecasts, after markets shrugged off trade turmoil