Gold prices rose above $4,360 per ounce on the final day of 2025, marking a year of exceptional gains and positioning the precious metal for its strongest annual performance in more than four decades. Bullion has surged 66% this year, a rally that accelerated in late April following President Donald Trump’s global tariff rollout. The momentum has been further supported by persistent geopolitical tensions, US interest rate cuts, robust central bank purchases, and rising holdings in gold-backed ETFs. Meanwhile, the Federal Reserve’s December meeting minutes, released on Tuesday, showed that most would support rate cuts if inflation continues to fall, though they remained divided on the timing and magnitude of potential reductions. On the geopolitical front, uncertainty surrounding a Russia-Ukraine peace deal, renewed tensions in the Middle East, and frictions between the US and Venezuela are boosting demand for the safe-haven metal.