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Gold prices slipped in Asian trading on Friday as expectations for a U.S. Federal Reserve rate cut in December weakened, strengthening the U.S. dollar and pressuring most major commodities. Spot gold declined 0.6% to $4,053.09 per ounce, while December gold futures edged down 0.3% to $4,049.76. The metal is on track for a weekly loss of nearly 0.8%, reversing last week’s 2% rebound.
The pullback came as investors grew more confident that the Federal Reserve will leave interest rates unchanged at its December 10–11 meeting. Stronger-than-expected U.S. nonfarm payrolls data for September added to concerns that the central bank has little incentive to cut rates soon, especially with inflation still proving resilient. According to the CME FedWatch Tool, traders now see only a 28.5% chance of a 25-basis-point rate cut in December—down sharply from the 45.4% probability priced in last week.
A stronger dollar reduced the appeal of non-yielding assets like gold, amplifying downside pressure. High-for-longer interest rates typically weigh on precious metals, making interest-bearing assets more attractive by comparison. Platinum and silver also faced declines, with spot platinum dropping 0.6% and silver sliding more than 2% to $49.5955 per ounce.
Still, gold’s losses were cushioned by continued safe-haven demand as global tech stocks suffered a steep sell-off. Investors remained wary after sharp declines in major technology names, including Nvidia, whose strong earnings failed to ease concerns about rising inventories and questionable financing practices involving its customers. Growing fears of an AI-driven tech bubble unwind added further uncertainty.
Fiscal worries in Japan also boosted risk-off sentiment as the government approved a massive 21.3 trillion-yen stimulus package, raising questions about how the spending will be financed. As a result, long-term Japanese bond yields surged to their highest levels in decades.
With remarks from several Fed officials and key U.S. economic data on the horizon, traders are bracing for more volatility in precious metals through next week.
