Gold best-performing metal this year

Gold prices are on track to record their biggest annual gains this century, driven by monetary easing in the US, ongoing geopolitical risks, and strong central bank purchases of the precious metal.

Despite a relative price decline following Donald Trump's victory in the November presidential election, gold remains up by about 27% this year. It outperformed most other base metals, which experienced a mixed year amid China's ongoing economic slowdown.

Iron ore futures traded in Singapore are down nearly 29% in 2024, while lithium is on track for its second consecutive annual loss as global oversupply worsens due to disruptions in the electric vehicle industry.

Meanwhile, the LMEX Index on the London Metal Exchange, which includes six metals – aluminum, copper, nickel, zinc, lead, and tin – is set for modest annual gains of around 6%.

As the New Year approaches, investors are focusing on the uncertainty surrounding the US monetary policy, potential trade tensions under Trump’s presidency, and China’s efforts to stimulate growth.