Gold price prediction: Gold rate futures down. Here's what to expect in November, December

Gold futures rate on Thursday fell even as spot gold price has gone up. Overall, Gold prices jumped 2 per cent due to sliding U.S. Dollar. Spot gold climbed 1.3 per cent to $3,980.00 per ounce. U.S. gold futures for December delivery slipped 0.2 per cent to $3,991.50 per ounce. This comes as the U.S. central bank or the Federal Reserve announced a 25-basis-point rate cut on Wednesday, taking the benchmark overnight rate to a target range of 3.75 per cent–4.00 per cent.

Gold appears to be pushing higher as investors digest the outcome of the Donald Trump-Xi Jinping meeting and the Fed's decision to cut interest rates for the second time this year, said Lukman Otunuga, senior research analyst at FXTM, Reuters reported.

"Regarding monetary policy, traders are still pricing in a 70 per cent probability of a cut by December despite Powell attempting to cool expectations around further rate cuts," Otunuga added.


Fed Chair Jerome Powell said officials are struggling to reach a consensus about what lies ahead for monetary policy and cautioned that markets should not assume another rate cut in December.

Non-yielding gold thrives in a low-interest-rate environment and during economic uncertainties.

Meanwhile, U.S. President Donald Trump said he had struck a deal to lower tariffs on China in exchange for Beijing resuming U.S. soybean purchases, keeping rare earths exports flowing and cracking down on illicit fentanyl trade.

China for its part agreed to delay the introduction of its latest round of rare earth export controls, but earlier restrictions on the critical minerals that have upended global trade remain.

Trump's remarks came after face-to-face talks with Xi in Busan, South Korea, marking the finale of his whirlwind Asia trip, on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.

Spot silver rose 1 per cent to $48.03 per ounce, platinum gained 1 per cent to $1,600.66 and palladium climbed 2.9 per cent to $1,441.99.

FAQs

Q1. How have silver, platinum, palladium performed?

A1. Spot silver rose 1 per cent to $48.03 per ounce, platinum gained 1 per cent to $1,600.66 and palladium climbed 2.9 per cent to $1,441.99.

Q2. What is current gold price?

A2. Spot gold climbed 1.3 per cent to $3,980.00 per ounce. U.S. gold futures for December delivery slipped 0.2 per cent to $3,991.50 per ounce.