ISTANBUL 

Gold has been on the rise for four consecutive months, led by geopolitical changes, optimism over Fed rate cuts, and ongoing central bank gold purchases.

Gold started the year at $2,623 per ounce and followed a mostly upward trend throughout 2025. The demand by central banks, expectations of further rate cuts by the Fed, and geopolitical developments supported the rise in gold prices.

Gold surged 6.67% month-on-month in January, 2.17% in February, 9.26% in March, and 5.26% in April.

The precious metal traded on a horizontal line in May, June, and July, and then gained 4.8% on a monthly basis in August, 11.9% in September, 3.7% in October, and 5.4% in November.

It hit a record high of $4,381.6 per ounce this year, while earning investors up to 60% since the start of the year.

Gold’s flat course leaves upward momentum in its wake

Zafer Ergezen, a futures and commodity markets expert, told Anadolu that gold entered some sort of resting period before rising again.

“The main reason for gold’s rise is the increased probability of Fed rate cuts,” he said. “While the Fed chair’s inclination towards rate cuts pulled back the US Dollar Index, it caused an upturn in precious metals.”

Ergezen stated that gold closing at above $4,000 could mean the precious metal may test its record high again, but this momentum may slow down to a degree at this point.

He added that new records may be on the horizon if previously closed gold positions in October were reopened.