PRECIOUS-Gold heads for fourth straight monthly gain; silver hits fresh record high
By Pablo Sinha
Nov 28 (Reuters) - Spot gold rose 1% to a two-week high on Friday, as expectations that the U.S. Federal Reserve will trim interest rates next month lifted demand for the non-yielding asset, while silver hit a fresh record high.
Spot gold XAU= was up 1.6% to $4,222 per ounce by 01:44 p.m. EST (18:44 GMT), its highest price since November 13, and was set for a 3.9% weekly gain. Bullion, on track to register a 5.5% rise this month, is poised for its fourth consecutive monthly gain.
Silver XAG= climbed to a fresh record high of $56.52 per ounce, up 5.5% for the session and 16% for the month.
Futures trading resumed around 8:30 a.m. EST, after an hours-long outage at CME Group CME.O halted trade on its currency platform and in futures spanning foreign exchange, commodities, Treasuries and stocks.
U.S. gold futures GCcv1 for February delivery settled 1.3% higher at $4,254.9 per ounce.
INVESTORS FOCUSED ON FED
"The expectation is that we're going to continue to have a slower economy going into 2026, and the Federal Reserve is very likely to cut rates, which is getting some investors back" into gold, said Bart Melek, global head of commodity strategy at TD Securities.
Gold tends to do well in low-interest-rate environments.
Recent dovish remarks from Fed Governor Christopher Waller and New York Fed President John Williams, combined with softer economic data following the recent U.S. government shutdown, have strengthened expectations that the central bank will cut rates next month.
Traders see an 87% chance of a rate cut in December, up from 50% last week. FEDWATCH
Meanwhile, "the technical charts for silver have turned more bullish in the past week or so, and that's inviting the chart-based speculators to the long side of the silver market," said Jim Wyckoff, senior analyst at Kitco Metals.
Gold demand was subdued across major Asian markets this week, as high prices curbed retail buying despite the start of India's wedding season. In China, the removal of a tax exemption on gold purchases dented consumer appetite.
Platinum XPT= gained 3.2% to $1,659.83, up 10.3% for the week, while palladium XPD= gained 0.5% to $1,445.20 and was set for a 5.2% weekly gain.
Related Articles
Whether a Bubble Exists in U.S. Stocks Is Not Important!
TradingKey - In our view, the core question is not whether a bubble exists, but rather which stage of the bubble the market is currently in. Despite the bubble characteristics exhibited by U.S. stocks amid the AI narrative, the market is still in the mid-stage of the bubble.
Google Strikes Back: With Gemini 3 Dominating the Charts, Is Nvidia Still the Only Winner?
Gemini 3 Pro performance and TPU's cost advantage shatter the 'Google is doomed' narrative. This analysis details Google's full vertical integration, its resistance to the Nvidia Tax, and YouTube’s strategic data moat. Is GOOGL poised to dominate the AI endgame?
The U.S. Dollar Index Is the Key Driver of Gold Prices: Where Are the Dollar and Gold Headed Next?
TradingKey - The strength or weakness of the U.S. Dollar Index stands as the core determinant shaping gold's trajectory.
Alibaba FY2026Q2 Earnings Preview: The Great Pivot from E-Commerce Giant to AI Powerhouse
TradingKey - As Alibaba's earnings approach, one question dominates: Can AI and quick commerce justify sacrificing profits now for future dominance? Preview how the RMB 50 billion quick commerce push, 35.8% AI cloud share, and fierce competition could decide if BABA's 88% rally holds.
U.S. September Nonfarm Payrolls: Two-Scenario Analysis, Will U.S. Stocks Diverge in Short-Term and Medium-to-Long-Term Trends?
TradingKey - This paper conducts an analysis of the U.S. September nonfarm payroll data and the subsequent employment market through two scenario-based assessments, alongside a short-term and medium-to-long-term outlook for U.S. stocks.
