Gold\u00a0prices climbed on Friday and were poised for a fourth straight monthly rise, bolstered by investor optimism that the U.S. Federal Reserve would cut interest rates in December.<\/p>\n
Brendon Thorne | Bloomberg | Getty Images<\/p>\n
Gold\u00a0prices climbed on Friday and were poised for a fourth straight monthly rise, bolstered by investor optimism that the U.S. Federal Reserve would cut interest rates in December.<\/p>\n
Spot\u00a0gold<\/a>\u00a0rose 0.8% to $4,189.61 per ounce by 0303 GMT, hitting its highest since November 14, and was set for a 3% weekly gain. Bullion is set to register a 3.9% rise this month.<\/p>\n U.S.\u00a0gold\u00a0futures<\/a>\u00a0for December delivery were up 0.5% at $4,221.30 per ounce.<\/p>\n “Trading conditions are looking a bit thin liquidity-wise, which is exacerbating some of the market moves. A lot of the moves higher in\u00a0gold\u00a0are due to pre-positioning in anticipation of a lower interest rate environment,” said KCM Trade Chief Market Analyst Tim Waterer.<\/p>\n U.S. rate futures are pricing in an 87% chance of a rate cut in December, compared with 85% a day prior and 50% a week before, according to the CME’s FedWatch tool.<\/p>\n Comments\u00a0from San Francisco Federal Reserve Bank President Mary Daly and Fed Governor Christopher Waller this week have bolstered expectations for a rate cut next month.<\/p>\n Like U.S. President Donald Trump, Kevin Hassett, who has emerged as a\u00a0front runner\u00a0to replace Jerome Powell as Fed Chair, has also said interest rates should be lower.<\/p>\n Their stance, however,\u00a0contrasted\u00a0with several\u00a0regional\u00a0Fed presidents advocating a pause until inflation shows a more convincing move towards the U.S. central bank’s 2% target.<\/p>\n Non-yielding\u00a0gold\u00a0tends to perform well in low-interest-rate environments.<\/p>\n The U.S. dollar was headed for its worst week since late July. A weaker greenback makes dollar-priced\u00a0gold\u00a0more attractive for buyers using other currencies.\u00a0<\/p>\n Investors\u00a0say\u00a0that Hassett at the Fed’s helm could pressure the dollar.<\/p>\n Elsewhere, spot silver<\/a>\u00a0rose 1.4% to $54.18 per ounce and platinum<\/a>\u00a0gained 1.7% to $1,634.82, with both up 7.4% for the week. Palladium<\/a>\u00a0lost 0.6% to $1,428.62 but was set for a 4% weekly gain.<\/p>\n","protected":false},"excerpt":{"rendered":"Gold\u00a0prices climbed on Friday and were poised for a fourth straight monthly rise, bolstered by investor optimism that…\n","protected":false},"author":2,"featured_media":157130,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[941,357,54,55842,22814,42,4487,43,55843,55844,55841,40,38,41,39,2488],"class_list":["post-157129","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-breaking-news-markets","tag-business-news","tag-donald-trump","tag-gold-us-dollar-spot","tag-gold-comex-dec25","tag-headlines","tag-jerome-powell","tag-news","tag-precious-metal-markets","tag-precious-metals-industry","tag-silver-us-dollar-spot","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-trump-administration"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/157129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=157129"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/157129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/157130"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=157129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=157129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=157129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}