Gold dropped below $4,500 per ounce on Monday, slightly retreating from its record, likely due to profit-taking. Markets are also assessing geopolitical developments, following President Donald Trump’s comments that peace talks with Ukrainian President Volodymyr Zelenskiy have made “a lot of progress,” though a deal may take weeks. He added he is open to addressing Ukraine’s parliament, holding trilateral talks with Zelenskiy and Putin, and meeting European leaders in January. Zelenskiy said the framework is 90% agreed and US-Ukraine security guarantees are fully settled, though key issues remain. Nevertheless, gold is up more than 70% this year, on track for its strongest annual gain since 1979, supported by central bank buying, sustained ETF inflows, lingering geopolitical risks, and Federal Reserve rate cuts, with markets pricing in further easing next year.