Gold prices climbed on Friday and were poised for a fourth straight monthly rise, bolstered by investor optimism that the U.S. Federal Reserve would cut interest rates in December.
Spot gold rose 0.8% to $4,189.61 per ounce hitting its highest since November 14, and was set for a 3% weekly gain. Bullion is set to register a 3.9% rise this month.
U.S. gold futures for December delivery were up 0.5% at $4,221.30 per ounce.
U.S. rate futures are pricing in an 87% chance of a rate cut in December, compared with 85% a day prior and 50% a week before.
Like U.S. President Donald Trump, Kevin Hassett, who has emerged as a front runner to replace Jerome Powell as Fed Chair, has also said interest rates should be lower.
The U.S. dollar was headed for its worst week since late July. A weaker greenback makes dollar-priced gold more attractive for buyers using other currencies.
Elsewhere, spot silver rose 1.4% to $54.18 U.S. per ounce and platinum gained 1.7% to $1,634.82 U.S., with both up 7.4% for the week. Palladium lost 0.6% to $1,428.62 U.S. but was set for a 4% weekly gain.
Related Stories
