According to Zhitong Finance APP, gold prices remain stable and are expected to achieve a fourth consecutive month of gains. This is due to signs indicating that the Federal Reserve will cut interest rates next month, which has supported gold prices. On Friday, gold prices approached $4,170 per ounce, with an increase of over 2% this week. A series of statements from Federal Reserve officials and delayed economic data have supported the case for a rate cut, as lower borrowing costs are generally favorable for gold, which does not pay interest. Swap traders expect an over 80% chance of a 25 basis point rate cut in December.
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Before the Federal Reserve enters its blackout period on Saturday, traders will closely examine every clue regarding the next interest rate decision. A record U.S. government shutdown has delayed the release of key data, with some statistics not being published at all, making it difficult for the Federal Reserve and investors to assess the state of the world's largest economy.
This year, precious metal prices have risen almost every month, poised for their best annual performance since 1979. Central banks' large purchases and significant inflows of non-sovereign funds into exchange-traded funds have driven the metal's price to a historic high of over $4,380 set last month. Investors are flocking to alternative assets, while significantly reducing their investments in sovereign bonds and currencies.
Since the beginning of this month, the price of this precious metal has remained stable above $4,000 per ounce, having previously retreated from peak levels. According to Bloomberg, the inflow of funds into gold-backed exchange-traded funds has remained steady over the past three weeks.
As of the time of writing, gold prices have risen by 0.3% to $4,171.18 per ounce. The U.S. dollar spot index has slightly declined. Platinum prices have edged up after a 1.6% increase on Thursday, as new futures contracts in China have increased demand. Palladium prices have climbed, and silver prices have also risen slightly, just one dollar away from record levels

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The market's optimistic expectations for the Federal Reserve's interest rate cuts support gold prices, with gold expected to rise for the fourth consecutive month. Comments from Federal Reserve officials and delayed economic data support the rate cuts, with swap traders anticipating an over 80% chance of a 25 basis point cut in December. Gold prices are close to $4,170 per ounce, with an increase of over 2% this week

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Interest rate cut expectations support gold prices, with gold likely to achieve four consecutive monthly gains