Gold prices stabilized in Asian trading on Tuesday as investors awaited this week’s Federal Reserve meeting, where the US central bank is expected to announce another interest rate cut. Despite some weakness in December, gold has maintained strong gains for four consecutive months, supported by expectations of lower US interest rates. Other metals remained stable, while silver continued trading near record levels following sharp gains last week.
Spot gold fell 0.1% to $4,186.18 per ounce, while February gold futures edged down slightly to $4,215.40 per ounce. Markets are largely pricing in a 25 basis point rate cut at the conclusion of the Fed meeting on Wednesday, especially after personal consumption expenditure (PCE) data showed slowing inflation in September. However, analysts at OCBC Bank noted a growing possibility that the Fed could adopt a more hawkish tone due to the absence of significant economic data for October and November.
Despite the cautious stance, expectations of lower rates have supported gold in recent months, as declining US bond yields boost demand for non yielding assets. Other precious metals remained steady, with palladium holding at $1,651.81 per ounce, while silver continued to outperform other metals.
Spot silver traded near $58.10 per ounce after touching a record high of $59.3474 last week. Silver benefited from strong speculative buying driven by expectations of supply shortages in the coming years, along with its enhanced status after being officially classified as a critical metal in the United States. Silver’s value has doubled this year, surpassing gold’s gains, as investors seek lower cost alternatives for safe haven investment.
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