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XAU/USD, GOLD

In the Forex market, Gold functions as a currency. The particularity of Gold is that it is traded against the United States Dollar (USD), with the internationally accepted code for gold being XAU. Known as a safe-haven asset, Gold is expected to appreciate in periods of market volatility and economic uncertainty. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
The XAU/USD pair tells the trader how many US Dollars are needed to purchase one troy ounce of Gold.

HISTORIC HIGHS AND LOWS FOR XAU/USD

  • All-time records: Max: $2,790.11 on 25/10/2024 – Min: $34.78 on 27/01/1970
  • Last 5 years: Max: $2,790.11 on 25/10/2024 – Min: $1,451.32 on 13/03/2020

* Data as of December 2024

XAU/USD 2025 FORECAST

In the XAU/USD 2025 Forecast, FXStreet analyst Eren Sengezer suggests Gold’s 2025 outlook depends on Federal Reserve (Fed) policy, Donald Trump’s decisions and geopolitics. A bearish scenario could unfold if geopolitical tensions ease, inflation remains persistent and United States-China trade tensions weaken China’s economy, reducing Gold demand. A hawkish Fed could also pressure prices.

On the bullish side, continued global policy easing, a recovering Chinese economy or escalating geopolitical conflicts could boost safe-haven flows into Gold, supporting its resilience and pushing prices higher.

Gold's technical outlook suggests weakening bullish momentum, with the RSI at its lowest since February and XAU/USD. Key support lies at $2,530-$2,500, with further declines potentially targeting $2,400 and $2,300. On the upside, resistance at $2,900 could limit gains, with additional barriers at $3,000-$3,020 and $3,130 if Gold attempts a new record high.

Read the full 2025 forecast.

ASSETS THAT INFLUENCE XAU/USD THE MOST

  • Currencies: The US Dollar (USD) and the Euro (EUR) are the primary currencies influencing Gold prices. Other important currency pairs include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, NZD/USD, and USD/CAD.
  • Commodities: Silver and Gold are the most important precious metal commodities.
  • Bonds: Influential fixed-income securities include the German Bund (a federal government-issued bond) and the US Treasury Note (T-Note).
  • Indices: Key indices related to Gold and mining include the HUI (NYSE Arca Gold BUGS), the XAU (Philadelphia Gold and Silver Index) and the GDM (NYSE Arca Gold Miners Index).
  • Exchanges: The most important stock exchanges for Gold are the New York Mercantile Exchange (COMEX), the Chicago Board of Trade, the Euronext/LIFFE, the London Bullion Market, the Tokyo Commodity Exchange, the Bolsa der Mercadorias e Futuros and the Korea Futures Exchange.

INFLUENTIAL ORGANIZATIONS FOR THE XAU/USD

  • WGC (World Gold Council) is the market development organization for the Gold industry. Its aim is to stimulate and sustain demand for the precious metal.
  • LBMA (London Bullion Market Association) is an organization whose members participate in this wholesale over-the-counter market for trading Gold and Silver. It is loosely overseen by the Bank of England. Most LBMA members are major international banks, bullion dealers, and refiners.
  • COMEX (Commodity Exchange) is the primary market for trading metals. The COMEX merged with the New York Mercantile Exchange (NYMEX) in 1994 and joined the CME Group in 2008.
  • CGSE (Chinese Gold and Silver Exchange Society). It is an organization of Gold trading firms in Hong Kong that are participants of the Chinese Gold and Silver Exchange, the first exchange in Hong Kong.
  • Central banks like the Federal Reserve (Fed), the European Central Bank (ECB) or the People’s Bank of China (PBoC) significantly influence Gold prices through their monetary policies.

INFLUENTIAL PEOPLE FOR THE XAU/USD

  • Neal Froneman, the World Gold Council’s Chairman.
  • Scott Bessent, the US Treasury Secretary.
  • Xi Jinping, President of the People's Republic of China.
  • The London Bullion Market Association members.

CIRCUMSTANCES THAT INFLUENCE XAU/USD THE MOST

  • Demand and supply: The balance between global Gold demand and its availability impacts its price.
  • Economic uncertainty and currency devaluation: Gold is widely known as a safe-haven asset for investors in periods of economic uncertainty or when a currency faces devaluation.
  • Practical applications: The use of Gold in technology innovations, jewelry manufacturing and other industrial applications.