Gold futures fell 0.4% to $2,642.20 a troy ounce, but were largely flat for the week, according to Jin10. Gold traded in a narrow range during the holiday.
Goldman Sachs analysts pointed out that geopolitical tensions continue to heat up, and safe-haven demand supports gold prices. The situation in the Middle East is uncertain, the war between Russia and Ukraine continues, and the relationship between the United States and China is tense.
Gold's potential gains have been limited by a more hawkish Federal Reserve, with the market expecting fewer rate cuts from the central bank in 2025. Higher interest rates generally dent the appeal of non-interest-bearing bullion.