Gold on Track for Fourth Straight Monthly Gain as Markets Eye U.S. Rate Cut

Global gold prices climbed again on Friday, pushing bullion toward a fourth consecutive monthly increase — largely driven by rising expectations that the Federal Reserve will cut interest rates in December.

Spot gold rose 0.8% to $4,189.61 per ounce by 0303 GMT, marking its highest level since November 14 and putting it on track for a roughly 3.9% gain for the month.Meanwhile, U.S. gold futures for December delivery increased 0.5% to $4,221.30 per ounce.

Analysts point to a convergence of factors behind the rally. With the dollar weakening — headed for its worst week since late July — non‑yielding gold is becoming more attractive for buyers using other currencies. Coupled with thin trading conditions and investors pre-positioning for a lower interest‑rate environment, these dynamics have helped fuel renewed demand.

The shift in sentiment has been reinforced by remarks from some Fed officials — including Mary Daly and Christopher Waller — who signalled openness to a rate cut next month.Their views stand in contrast with other regional Fed leaders arguing for a pause until inflation more clearly returns toward the central bank’s 2% target.

Elsewhere in the metals complex, spot silver rose 1.4% to $54.18 per ounce, platinum gained 1.7% to $1,634.82, and palladium slipped 0.6% to $1,428.62 — though palladium was still on track for a weekly gain.