Gold futures rose slightly to $2,632.50 a troy ounce, but were still down 1.1% this week, according to JIN10 data.
Pepperstone analyst Ahmed Asiri said gold prices fell as market expectations for more than two U.S. interest rate cuts in 2025 weakened. This reflects the Federal Reserve's 25 basis point rate cut in mid-December and a more cautious stance on future monetary policy.
Asiri added that trading volumes declined during the holiday period and gold prices were expected to fluctuate between $2,620 and $2,660.
