Gold price today slips. Check what is latest Gold rate

Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week.

Spot gold was down 1.1 per cent at $2,652.29 per ounce at 01:43 p.m.(ET), as the US dollar was steady at its highest in more than two weeks, Reuters reported.

Bullion hit its highest since November 6 on Thursday, and has risen over 0.8 per cent so far for the week. The US gold futures settled 1.2 per cent lower at $2,675.80.


"Gold had an explosive year and we're getting into the tail end of the year which might see some unwinding going into the last few weeks, but I think that's going to be short-lived and believe that gold is going to continue to move much higher," said Daniel Pavilonis, senior market strategist at RJO Futures.

Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered multiple record peaks this year.

Spot silver fell 1.3 per cent to $30.55 per ounce. Platinum lost 0.9 per cent to $921.75 and palladium shed 1.9 per cent to $951.87. All three metals were set for weekly losses.

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Traders now see a 97 per cent chance of a 25 basis point rate cut at the Fed's December 17-18 meeting.

The focus will also be on Chair Jerome Powell's commentary as market participants analyse U.S monetary policy for 2025, especially in the light of President-elect Donald Trump's tariff plan which economists say would stoke further inflation.

Central banks typically keep interest rates elevated to curb inflation, which in turn increases the opportunity cost of holding non-yielding bullion.

"Generally speaking, we see a stronger U.S. economy next year, which should leave less room for rate cuts and should thus bring less tailwinds for gold," said Carsten Menke, an analyst at Julius Baer.

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FAQs

Q1. What is current price of Gold?
A1. Spot gold was down 1.1 per cent at $2,652.29 per ounce at 01:43 p.m.(ET).

Q2. How much Gold price has gone up?
A2. Gold hit its highest since November 6 on Thursday, and has risen over 0.8 per cent so far for the week. The US gold futures settled 1.2 per cent lower at $2,675.80.