The World Gold Council (WGC) predicts a moderate increase in gold prices for 2025, contingent on stable market conditions. This forecast follows an exceptional year for gold in 2024, with prices hitting numerous record highs and total demand surpassing $100 billion in Q3. The WGC suggests potential upside if central bank demand exceeds expectations or if economic instability drives safe-haven demand. However, a reversal in interest rate cuts could pose challenges. The outlook considers factors such as expected rate cuts, geopolitical tensions, and the impact of U.S. policies under a second Trump term.