Gold price prediction: Gold rate falls today. Check gold price target for December

Gold price target in December may remain between $4,000 and $4,400 even as gold rate today fell following rising U.S. Treasury yields and profit-booking following a six-week high hit in the prior session. U.S. gold futures for February delivery were down 0.9 per cent at $4,234.40 per ounce. Spot gold fell 0.7 per cent to $4,203.55 per ounce.

"I expect gold to consolidate laterally between $4,000 and $4,400 in the next few weeks," Carlo Alberto De Casa said, adding that a Fed rate cut could open space for further rallies.

"We are seeing some traders take profit after prices rebounded from $4,000 to $4,250 in the last two weeks," said Carlo Alberto De Casa, external analyst at banking group Swissquote.


Additionally, benchmark 10-year U.S. Treasury yields held steady near a two-week high, following weakness in Japanese and European government bonds, reducing the appeal of non-yielding bullion.

Data on Monday showed U.S. manufacturing contracted for the ninth straight month in November. Investors are now looking out for Wednesday's November ADP employment report and Friday's delayed September PCE Index, for clues on a Fed interest rate cut at the central bank's meeting next week.

Fed Chair Jerome Powell did not comment on the economy or monetary policy in an address at Stanford University late on Monday.

Traders are pricing in an 87 per cent chance of a December Fed rate cut, per CME's FedWatch tool. Lower interest rates typically benefit non-yielding gold.

Markets are also waiting on President Donald Trump's announcement of the new Federal Reserve chairman, with White House economic adviser Kevin Hassett reportedly emerging as a frontrunner. Hassett, like Trump, favors lower interest rates.

FAQs

Q1. What is current price of Silver?

A1. Silver pulled back from Monday's record high of $58.83 per ounce, easing 1.6 per cent to $57.01 per ounce. Spot silver is up 97 per cent for the year, bolstered by growing safe-haven and industrial demand.

Q2. What are Platinum, Palladium prices?

A2. Platinum slipped 0.9 per cent to $1,642.56, and palladium was up 0.8 per cent at $1,435.44.