Spot Gold extended gains to a fresh two-week high of $4,193.26/oz. on Friday and was on course for its fourth consecutive monthly advance on growing expectations of an interest rate cut by the Federal Reserve next month.
Fed Governor Christopher Waller said on Monday that the US job market was weak enough to warrant another 25 basis point rate cut in December.
And, New York Fed President John Williams said that a near-term rate cut remained possible, with labor market weakness posing a higher risk than elevated inflation.
In addition, Kevin Hassett, seen as a frontrunner to succeed Jerome Powell, has echoed US President Trump’s support for rate cuts.
Markets are now pricing in about an 85% chance of a 25 basis point Fed rate cut in December, compared to a 70% chance a week earlier.
Markets are also pricing in three additional rate cuts by the end of 2026.
Delayed US macro data also added to expectations of a December cut.
US retail sales grew 0.2% month-over-month in September, falling short of market forecasts and following a 0.6% growth in August. This suggested a deceleration in consumer momentum.
Spot Gold was last up 0.14% on the day to trade at $4,164.62 per troy ounce.
The precious metal has risen 4.08% so far this month.
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