Gold Gives Up Intraday Gains as December Fed Cut Bets Fade

Gold attempted to build positive momentum on Friday but ended up surrendering much of its intraday strength as shifting expectations around a potential December Federal Reserve rate cut reshaped market sentiment.

🔻 Reduced Fed Cut Bets Pressure Gold

Traders scaled back expectations for a December rate cut after recent data pointed to lingering inflation and a still-resilient US economy. Since gold offers no yield, rising or steady rate expectations tend to act as a headwind, making the metal less attractive compared to interest-bearing assets.

This change in outlook capped upside attempts and limited follow-through buying.

⚖️ Mixed Market Cues Keep Momentum Weak

Despite early-session traction, gold struggled to hold gains. Markets are caught between:

• Softer expectations for Fed easing (bearish for gold), and
• Growing macroeconomic risks that typically boost safe-haven assets (bullish).

The result was hesitant, range-bound price action and a lack of strong bullish conviction.

💵 USD Softens on Economic Concerns

Concerns around slowing growth and uneven data weighed on the US Dollar, providing partial support for XAU/USD. The risk-off tone in broader markets helped prevent deeper downside moves for gold.

📉 What’s Next?

Gold’s near-term direction hinges on:

• Incoming US economic data
• Updated Fed commentary
• Shifts in rate-cut probabilities
• Broader macro sentiment and risk appetite

Until then, gold is likely to remain choppy and sensitive to every economic headline.

💬 What’s your outlook for gold as we head into December?

Do you expect the Fed to deliver cuts sooner, or is the market still too optimistic?

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