Gold surged past $4,220 an ounce on Friday (November 28th) to a one-month high and is on track for a fourth straight monthly gain as markets price in a higher probability of a Fed rate cut in December.
Dovish statements from several Fed officials and the release of delayed economic data showing weakness have reinforced expectations of easing. Furthermore, Kevin Hassett, seen as a leading candidate to replace Jerome Powell, has also signaled support for lower interest rates, increasing the odds of a 25 basis point rate cut to over 80% and prompting traders to expect around three additional rate cuts by the end of 2026.
Heavy buying by central banks and strong non-sovereign inflows into ETFs have boosted persistent demand for the metal, and together with falling real yields, these inflows are supporting what could be gold's strongest annual performance since 1979. (alg)
Source: Trading Economics
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