Gold dipped to around $4,500 per ounce on Monday but remained near its record high, supported by geopolitical uncertainty and expectations of further US rate cuts. President Donald Trump said that peace talks with Ukrainian President Volodymyr Zelenskiy have made “a lot of progress,” though a deal may take weeks. Zelenskiy also added that the framework is 90% agreed and US-Ukraine security guarantees are fully settled. However, key issues remain, including territorial control of the Donbas region. Adding to the uncertainty were ongoing Middle East tensions and escalating US-Venezuela frictions. Meanwhile, markets are now looking ahead to this week’s FOMC minutes for additional clues on the future path of interest rates, as investors price in two cuts next year. Gold is up more than 70% this year, on track for its strongest annual gain since 1979, supported by central bank buying and sustained ETF inflows.
