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02/12/2025 02:26 AST
Gold prices steadied after hitting a six-week high on Monday as risk-off sentiment set the tone, with investors focused on a potential US rate cut later this month, while silver scaled a record high.
Spot gold was up 0.1% at $4,235.59 per ounce as of 0645 GMT after touching its highest since October 21. US gold futures for December delivery gained 0.3% to $4,269.40, Reuters reported.
Silver rose 1.1% to $56.99 per ounce after hitting an all-time high of $57.86 earlier.
The US dollar fell to a two-week low, making greenback-priced bullion cheaper for holders of other currencies.
"There's a risk-off session in S&P futures, which are down 0.8% in line with a sell off in major cryptocurrencies. So that has also created a bit of positive feedback loop into gold as a safe haven asset play in today's much more thinly traded session," said OANDA senior market analyst Kelvin Wong.
US stock futures were lower in Asian trade, while among cryptocurrencies, bitcoin fell 3.6% to $87,881.82 and ether dropped 5% to $2,871.59.
Recent dovish remarks from Federal Reserve Governor Christopher Waller and New York Fed President John Williams, alongside softer US data, have reinforced expectations that the central bank will ease policy in December.
Futures imply an 87% chance of a rate cut, according to the CME's FedWatch tool.
White House economic adviser Kevin Hassett, seen as a frontrunner for Fed Chair, said on Sunday he would be happy to take the job if appointed by President Donald Trump. Like Trump, Hassett believes rates should be lower.
Markets now await core US Personal Consumption Expenditures figures on Friday for further cues on the Fed's policy path.
Lower borrowing costs tend to support non-yielding bullion.
Silver prices have moved higher amid thin liquidity caused by the CME outage last week, rather than any fundamental factors, Wong added.
Among other precious metals, platinum rose 1.3% to $1,694.18, while palladium gained 1.4% to $1,471.94.
Asharq Al Awsat
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Gold | 4,065.89 | -10.94 | -0.27 |
| Silver | 50.04 | -0.64 | -1.26 |
| Platinum | 1,517 | 0.0000 | 0.0000 |
| Palladium | 1,380 | -7.5 | -0.54 |
03/12/2025
Gold prices fell 1% on Tuesday, pressured by rising US Treasury yields and profit-booking following a six-week high hit in the prior session, while silver pulled back from its record high hit the pre
Asharq Al Awsat
03/12/2025
Gold bounced across the UAE on Wednesday, reversing a softer Tuesday that had briefly offered retail buyers an improved entry point. Prices in Dubai climbed for a second session in step with global
Gulfnews
21/11/2025
Dubai's gold market eased on Friday, with 24K slipping Dh3.75 from the previous session to Dh488.25 a gram. The 22K category followed the same trend, declining from Dh455.50 on Thursday to Dh452.25.
Gulfnews
18/11/2025
Gold prices edged higher on Monday as investors looked ahead to a series of US economic data releases this week that could provide further clarity on the Federal Reserve's interest rate outlook.
QNA
17/11/2025
Dubai's gold market opened the week in stable territory, with 24K trading around Dh492.25 per gram on Monday and 22K holding near Dh455.50. The steadiness comes at a time when global bullion has stru
Gulfnews
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