Gold slipped below $2,620 per ounce on Friday, reversing gains from the prior session during thin holiday trading. Market participants awaited cues on the US economy under the incoming Trump administration and evaluated the Federal Reserve's monetary policy stance. Recent moderate US PCE inflation figures challenged the outlook for limited Fed rate cuts next year, hinting at the possibility of further reductions, which would favor non-yielding gold. At the same time, gold's safe-haven demand was bolstered by escalating geopolitical risks stemming from the Russia-Ukraine war and tensions in the Middle East. The metal remained poised for a strong 27% annual gain, marking its best performance since 2010, fueled by central bank buying, geopolitical uncertainty, and monetary easing from key central banks.