US Steel jumps most in a year on Nippon Steel offer to Biden
Last-ditch effort to get President Joe Biden’s approval for its takeover of the American steelmaker.
Gold is heading for its biggest gain in 14 years, with a 27% advance fueled by US monetary easing, sustained geopolitical risks and a wave of purchases by central banks.
While bullion has ticked lower since Donald Trump’s sweeping victory in November’s US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled and lithium’s woes have deepened.
The varied performances over 2024 highlight the absence of a single, overriding driver that’s steered the complex’s fortunes, while also putting the spotlight on how metals, both base and precious, may fare next year. For 2025, investors are focused on uncertainty around US monetary policy, potential frictions from Trump’s presidency and China’s efforts to revive growth.
Gold’s strong gains this year — which have seen the precious metal set a succession of record highs — may signal a possible shift in the market’s dynamics given they have come despite a stronger US dollar and rising real Treasury yields, both typically headwinds.
The precious metal has been “as remarkable as it’s been relentless, making it my biggest market surprise of 2024,” David Scutt, an analyst at StoneX Group Inc. said in a note. “The gold game looks to have changed.”
Other metals have struggled in large part because of China’s prolonged economic slowdown.
In Tuesday’s trading, spot gold rose 0.7% to $2,625.95 an ounce as of 1:29 p.m. in New York, compared with an October peak above $2,790; iron ore futures settled 0.4% higher at $100.97 a ton; and LME copper fell 1.6% to close at $8,768 a ton in London.
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