Gold little changed early Monday with investors awaiting economic data that is backlogged by the U.S. federal government shutdown for signals on monetary policy.
Sentiment is rising that the Federal Reserve may leave interest rates unchanged next month, something putting a lid on gold prices, which continued to trade at near-record highs. Upcoming data releases include the key September U.S. jobs report, which would have typically come out in early October. It’s now scheduled for release Thursday. The Fed has said it closely watches both the labor market and inflation when setting monetary policy.
Separately, the Bureau of Economic Analysis, part of the Commerce Department, said late last week that it was working to update its schedule of delayed economic releases.
December gold futures rose 2.1% last week to settle at $4,094.20 an ounce on Comex, though the front-month contract slid 2.4% Friday. Bullion increased 3.2% last month after surging 10% in September, the most in six months, and adding 5% in August. It’s up 55% this year. The metal rose 27% in 2024, its biggest annual gain since 2010. The December contract is currently down $16.20 (-0.40%) an ounce to $4078.00 and the DG spot price is $4076.80.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.5% Friday to 1,044 metric tons, Reuters reported.
A number of Fed officials have expressed skepticism over the need for another interest rate cut in December in the past few weeks. October’s rate reduction to 3.75% to 4.00% was the second 25-basis point reduction in a row. The central bank began raising interest rates in March 2022 to fight inflation, ultimately imposing increases of by 5.25 percentage points before beginning rate cuts last year.
More than 57% of the investors tracked by the CME FedWatch Tool are betting that the Fed will keep interest rates unchanged in December, while the rest expect another 25 basis point cut. A week ago, almost 67% of investors were anticipating a cut next month.
Lower interest rates are typically bullish for gold, making the yellow metal a more attractive investment.
Front-month silver futures increased 5.3% last week to settle at $50.69 an ounce on Comex, though the December contract retreated 4.7% Friday. Silver rose 3.3% in October after adding 15% in September, the biggest monthly rally in two and a half years, and climbing 11% in August. It’s up 73% this year after rising 21% in 2024. The December contract is currently unchanged at $50.685 an ounce and the DG spot price is $50.92.
Spot palladium was unchanged last week at $1,410.00 an ounce after losing 3.2% Friday. Palladium rose 14% last month after rising 14% in September and declining 7.8% in August. Palladium is up 52% this year after dropping 17% in 2024. The DG spot price is down $14.90 an ounce to $1406.00.
Spot platinum gained 0.7% last week to $1,558.90 an ounce but dropped 2.2% Friday. It advanced 1% in October after gaining 15% in September and rising 5.9% in August. Platinum is up 71% in 2025 after losing 8.4% in 2024. Currently, the DG spot price is slightly down, $8.40 an ounce, to $1552.80.
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