Gold prices are expected to be influenced heavily by U.S. interest rate decisions in 2025, with BMI analysts predicting a cautious approach to rate cuts due to Trump’s victory and potential inflation from tariffs. While gold is projected to average $2,500 per ounce next year, further upside may be limited. The metal’s non-yielding nature means larger and more frequent rate cuts could push prices higher, but a resilient U.S. economy might temper this effect.