In 2024, gold has seen a significant revaluation, consolidating itself as one of the best investment assets of the year. Looking ahead to 2025, its projection is influenced by key macroeconomic factors that could continue to drive its price.

Gold's Performance in 2024: A Record Year
2024 marked a significant milestone for gold. From the beginning of the year to mid-November, its price registered an increase of almost 30% in US dollars. This growth was reflected, to an even greater extent, in weaker currencies such as the euro (+37%), the Japanese yen (+40%) and the Mexican peso (+55%), whose value weakened against the dollar, reinforcing the global relevance of gold as a safe haven.
According to the World Gold Council's Gold Outlook 2025 report, several factors contributed to gold's outstanding performance: high volatility in the markets, geopolitical tensions, a reduction in bond yields worldwide and a sustained demand for gold from central banks.
These financial institutions continue to accumulate gold reserves, exceeding 500 tons per year on average since 2009. In the third quarter of 2024, total gold demand exceeded US $100 billion for the first time in history, due to both over-the-counter transactions and the strengthening of reserves by Central Banks.
Asian Demand and Macroeconomic Risks
China and India, which account for more than 60% of global annual demand, played a crucial role. In India, the reduction of import tariffs on gold boosted consumption during the second half of the year, while Chinese investors sought gold to protect themselves from local economic fluctuations.
At the same time, global uncertainty, restrictive monetary policies by Central Banks and the risk of recession in developed economies reinforced the perception of gold as an essential asset for diversification and capital protection.
Expectations for 2025
The coming year presents a diverse macroeconomic landscape that could significantly influence gold's price. According to the report, three interrelated factors will be key to its performance:
1. Monetary Policies
The Federal Reserve is expected to cut interest rates by up to 100 basis points by the end of 2025. Similarly, the European Central Banks could adopt more accommodative policies. This lower interest rate environment would favor gold by reducing the opportunity costs for investors.
2. Economic Growth
Although global growth is projected below the historical trend, a significant deterioration in the global financial situation could generate flows into safe assets such as gold.
3. Risks and Uncertainty
Geopolitical risks and concerns about the stability of European sovereign debt could further boost demand for gold . On the other hand, an improvement in economic stability could keep the gold price at levels similar to those seen at the end of 2024.
Gold's performance in 2024 reaffirms its role as a safe haven in times of uncertainty. In 2025, the precious metal faces a landscape full of opportunities.
In an environment characterized by volatility, economic and geopolitical risks, gold remains a strategic option to preserve and diversify your assets.
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