Gold prices slipped on Friday as elevated US Treasury yields dimmed non-yielding bullion’s allure in a holiday-thinned week, with markets focused on President-elect Donald Trump’s return to office and the potential impact of his inflationary policies on the Fed’s 2025 outlook.

Gold prices rose on Thursday in holiday-thinned trade, while markets await clues on the Federal Reserve’s 2025 rate plan and tariff policies from the incoming Trump administration.

Iron ore futures prices fell on Thursday, reversing from earlier gains, with weakening downstream steel consumption dampening sentiment and investors hungry for clues on details about anticipated stimulus from top consumer China.

Democratic Republic of Congo has freed 14 of the 17 Chinese men arrested on suspicion of running an illegal gold mine in the country, authorities said late on Tuesday.

Gold traded in a narrow band as traders weighed the prospect of a slower pace of interest-rate cuts by the US Federal Reserve next year.

Seventeen Chinese men have been arrested on suspicion of running an illegal gold mine in Democratic Republic of Congo, authorities said there on Friday, as the government pressed on with a crackdown on unlicensed extraction of its minerals.

New Murchison Gold (NMG) has entered into an ore purchase agreement with Westgold Resources in a bid to increase production at its Crown Prince gold deposit near Meekatharra, Western Australia.

Iron ore futures retreated on Friday, but ended the week higher as investors assessed top consumer China’s latest pledge of further stimulus measures to shore up its faltering economy.

Gold prices are set to rise more slowly in 2025 after a record-breaking run this year, according to the World Gold Council.

Tensions between the US and China may weigh on energy and commodities markets next year, while the outlook remains bright for gold, ING Groep NV said.