Gold Price News: USD 2,606 – Year-end rally met with cyberattacks and geopolitical tensions

The gold price on today's trading day is USD 2,606 per troy ounce, showing a slight weakness compared to the previous week. As the year draws to a close, investors are turning their attention to the monetary policy decisions of the US Federal Reserve and geopolitical uncertainties, which continue to support high demand for gold.

Analysts are also watching US President-elect Donald Trump's economic policy plans, which include the implementation of tariffs and deregulation measures. Such political changes could further strengthen the attractiveness of gold in the coming year. Despite weakening slightly last week, the precious metal remains on track to end the year with its best performance since 2010, having gained over 27%.

The US Treasury has officially confirmed that it was the target of a Chinese-backed cyberattack. According to a statement to Congress, several Treasury workstations were infiltrated in December 2024, with the attackers gaining access to unclassified documents. The incident was detected by third-party security vendor BeyondTrust, which took the affected services offline and investigated the extent of the attack.
The ministry said it was a “serious IT security incident” that was attributed to an actor supported by the Chinese state. The incident is one of a series of similar attacks that Western governments have accused China of in recent years. Observers warn that such attacks could erode confidence in the cyber security of financial institutions and potentially also affect the financial markets.

The Federal Public Prosecutor's Office has brought charges against three German-Russian nationals accused of espionage for Russia. At the center of the trial is Dieter S., who, together with two other defendants, is said to have planned attacks on military and industrial targets in Germany. According to the indictment, the goal was to sabotage Germany's military aid to Ukraine.

The targets included US bases in Germany, a loading station in the Upper Palatinate, and military infrastructure. The investigations led to arrests in April 2024 and attracted international attention. The indictment highlights the ongoing tensions between Germany and Russia, as well as the growing threat of hybrid warfare.

A US federal appeals court has upheld the judgment against US President-elect Donald Trump for sexual abuse. Trump must pay columnist E. Jean Carroll compensation of 5 million US Dollars. The allegations relate to an incident from the 1990s that Trump has always denied.

The court also upheld another judgment that Trump must pay 83.3 million US Dollars for defamation. The case remains a drag on Trump's image as he prepares to take office on January 20, 2025. Observers see the trial as another factor increasing uncertainty in US politics.

The price of gold has increased by over 27% in 2024 and is therefore on the verge of its best performance since 2010. Investors are focusing on the monetary policy decisions of the US Federal Reserve and the economic policy plans of the new President Trump, which could potentially have a major impact on the markets.
Weaker inflation data from the US has opened up the possibility of further interest rate cuts, which would benefit gold as an interest-free form of investment. At the same time, geopolitical tensions, particularly in the Middle East and Ukraine, mean that the precious metal remains a stable factor in the portfolios of many investors. Analysts expect the markets to be characterized by these uncertainties and Trump's planned political measures in the new year.

The gold price is trading just above the USD 2,600 mark today, testing important support zones. Technical indicators point to a short-term sideways movement, with the next resistance level at USD 2,620.

The Relative Strength Index (RSI) is at 50, signaling a neutral market. The Moving Average Convergence Divergence (MACD) shows a weakening of buying momentum. The USD 2,590 mark remains a crucial support zone. A decline below this support level could put further pressure on the price, while a rise above USD 2,620 could open up new upside potential.

As the year draws to a close, all eyes are on developments in the new year, including the policies of the new US president, the monetary decisions of the Fed and geopolitical conflicts. Analysts expect gold to continue to play a key role in investors' portfolios as long as uncertainty persists.

In particular, the tensions in Ukraine and the increased cyber attacks from China could continue to shape the markets in the new year. The USD 2,590 and USD 2,620 marks remain crucial for the short-term development of the gold price. Investors should continue to monitor global economic and political developments, as these will largely determine the direction of the market.