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Gold Falls from Two-Week High
Gold prices retreated on Thursday, November 27, from their highest level in nearly two weeks, reached in the previous session, as investors assessed the likelihood of a US interest rate cut next month amid mixed signals from the Federal Reserve.
Spot gold prices fell by about 0.2% to $4,157.27 in late trading on Thursday.
US gold futures for December delivery also declined by about 0.3% to $4,153.60.
"The factors we see supporting the gold market haven't changed much," said Carsten Menke, an analyst at Julius Baer. "These include slowing US growth leading to lower interest rates and a weaker dollar, sustained demand for safe-haven assets, and continued strong buying by central banks."
The precious metal has fallen 5% since hitting a record high of $4,381.21 on October 20, but is trading broadly above the key $4,000 per ounce level.
Kevin Hassett, the frontrunner to replace Jerome Powell as Federal Reserve chair, says interest rates should be lower, echoing President Donald Trump's stance.
According to the CME FedWatch tool, the market is pricing in an 85% probability of a rate cut in December.
Gold, which does not offer a yield, tends to rise when interest rates are low.
It should be noted that US markets are closed today for the Thanksgiving holiday and will reopen briefly tomorrow, Friday.
