The World Gold Council report indicates that gold prices are expected to achieve the best annual performance in over a decade, having risen by 28% as of November. Behind this, purchases from central banks and investors offset the significant slowdown in consumer demand. Looking ahead, everyone's attention is focused on the impact of Trump's second term on the Global economy. Current expectations for GDP, yields, and inflation suggest that gold will see positive but much more moderate growth in 2025. The upward trend may benefit from a significant reduction in interest rates, increased volatility, or sustained demand for gold from central banks above average levels. Conversely, higher long-term interest rates or weak consumer demand for gold may present headwinds.