Gold prices have been stable but remain on track to rise for the fourth consecutive month. In Friday morning trading in Asia, gold bullion was trading around $4,163 per ounce, having risen more than 2% so far this week. Positive sentiment stems from expectations that the Federal Reserve will cut interest rates next month. Comments from several Fed officials and the delayed release of economic data have made the market increasingly confident that borrowing costs will fall. Currently, swap market participants even assess a greater than 80% chance of a 0.25% interest rate cut in December. For gold, lower interest rates are good news because this precious metal does not yield interest, making it more attractive compared to interest-bearing assets.

In the morning session in Singapore at around 7:36 a.m., gold prices were recorded at a slight increase of 0.1% to $4,162.98 per ounce, while the Bloomberg Dollar Spot Index remained flat, indicating no significant pressure from the strengthening dollar. Meanwhile, other precious metals also enjoyed positive market sentiment. Platinum moved slightly higher after jumping 1.6% the previous day, supported by new futures contracts in China that stimulated buying interest. Silver and palladium also rallied, adding to the positive sentiment in the precious metals market ahead of a potential change in the Fed's interest rate policy next month. (az)

Source: Newsmaker.id