XAU/USD Remains Strong Above $2,600 as Year Ends

XAU/USD remains above $2,600/oz but upside is still limited.
Another argument regarding market risk is that the year-end recession caused gold prices to rise.
Markets around the world will be largely closed on Wednesday for the New Year holiday.
XAU/USD remained under buying pressure in quiet trading on Tuesday, falling back to $2,625 an ounce after a rapid recovery from $2,600 earlier in the week. The economy has been trading in a subdued range for much of the holiday season as investors pulled out of the market for the year and waited for more important factors to take things to the next level.

Investors are having the time of their lives for much of 2024 as the global economy surges on the back of intense competition in the energy sector and stocks hit record highs. Gold has also had a stellar year, rising 40.61% from its October low to reach an all-time high of $2,790. Despite the November drop, XAU/USD has closed higher or higher in all but two of the past 11 months.