Gold prices decline for second straight session

Gold bars

Gold prices declined for the second straight session amid a rise in the US dollar.

However, the precious metal is set to end the year with gain of more than 20%.

Gold futures for February delivery dropped 0.5%, or $13.8, to $2,618.10 per ounce.

The dollar index – which measures the greenback against a basket of six major currencies – fell 0.1% to 108.08 points at 10:27 pm Makkah time.

Expectations for major shifts in the US policy in 2025 have grown, including potential tariffs, deregulation, and tax changes, as President-elect Donald Trump prepares to take office next January.

This prompted Federal Reserve Chairman Jerome Powell earlier this month to adopt a cautious stance against further interest rate cuts.