International precious metals futures saw significant declines. COMEX gold futures fell by 1.87% to $2,705.2 per ounce, with spot gold dropping nearly 1.6% to below $2,680. COMEX silver futures decreased by 4.25% to $31.565 per ounce, and spot silver fell nearly 2.6% to below $30.90. This downturn follows mixed U.S. economic data, prompting investors to take profits after four consecutive days of rising gold prices.
Citi forecasts a gradual upward trend for gold and silver in the next 3-12 months, reaching $3,000 and $36 per ounce, respectively. Oil prices are expected to decline to $60 per barrel by mid-2025, with a slight overall drop in the commodity market. ING predicts a bearish outlook for commodities next year, with gold standing out. The World Gold Council anticipates the best annual performance in over a decade for gold, with continued growth potential into 2025.
