In 2024, gold has showcased a remarkable success story. Despite a significant headwind in November, its value has increased by 27.5% since the beginning of the year, largely due to the Fed's monetary policy easing. However, the precious metal also appreciated between 2022 and 2023 despite the most aggressive increase in the federal funds rate in four decades. Between November 2022 and December 2023, XAUUSD quotes saw a 30% increase due to de-dollarization and the associated active purchases of gold by central banks, as well as strong demand from China.

Donald Trump's return to power has undermined the concept that other countries will move away from the US dollar. The president-elect said that he could finish the military conflict in Ukraine in 24 hours, which would mark a significant shift in the perception of Russia on the global stage. Russia will no longer need to create alternative currencies for settlements. The appetite of central banks for gold is waning, leading to a decline in XAUUSD quotes. Furthermore, the Chinese economy is crippling, and the precious metal's prices are above the threshold required to stimulate a surge in domestic demand.

The US dollar remains the dominant currency in the Forex market, with transactions exceeding 80% of their total volume. The USD index is soaring due to higher Treasury yields and expectations of a pause in the Fed's monetary easing cycle in December or January. In addition, President Trump has proposed 100% tariffs on imports from the BRICS countries.