Close to the end of the year, the gold price in US dollars reached a new record high. On 24 December, the precious metal was trading at 4,491 US$ per ounce – higher than ever before. As suggested by recent US economic data, this is likely due to market expectations of further Fed key interest rate cuts. While the US dollar gold price is considered the global price for the precious metal due to the high volumes in US futures trading, it was not the only one to set a new record.
Gold price reached 51 highs in 2025
To properly understand this year’s gold price development, it is helpful to look at the London Bullion Market Association (LBMA) Precious Metals Forecast Survey. Its results were published at the end of January 2025, with twenty-six analysts and commodity experts from banks, large corporations, asset management firms, research companies and gold producers giving their forecasts for the development of the gold price in 2025. The average of all 26 forecasts placed the gold price at 2,736 US$ per ounce, with the highest individual forecast at 3,290. The precious metal has thus exceeded the expectations of numerous experts – in a geopolitical environment that has also developed beyond many expectations.
Xetra-Gold at record high of just under €121
At over 120 € per gram on 24 December 2025, gold in the Eurozone is also at its most expensive. The gold price in euros has risen 51 per cent in 2025, with Xetra-Gold up 558 per cent since its launch in December 2007. Since the introduction of the EU’s single currency, the price of the precious metal has increased twelvefold: at the beginning of 2002, the gold price was 9.97 € per gram.