Gold rose in the final week of the year as traders expect the US currency to weaken in 2024 amid anticipated interest rate cuts by the Federal Reserve.
Gold prices are trading near a record high, heading for their first annual rise in three years.
Swap markets now estimate the probability of a rate cut by March at more than 80%, which would be favorable for non-interest-bearing assets such as gold, though some central bank officials have pushed back on the prospect of early easing.