12.11.202502:05:43UTC+00Gold Rises for Fourth Session

Gold prices surpassed $4,130 per ounce on Wednesday, marking the fourth consecutive session of gains. This upward trend is fueled by growing anticipation of an imminent rate cut by the Federal Reserve. Private sector data revealed that U.S. companies have been reducing an average of 11,250 jobs per week over the past four weeks ending October 25, showcasing continued weakness in the labor market and paving the way for further rate cuts. Currently, traders are estimating approximately a 68% probability of a 25 basis point rate cut next month. Additionally, investors are eagerly awaiting a slew of official data as the U.S. government moves to conclude its longest-ever shutdown. With the Senate having approved a temporary funding measure, the government is expected to restart operations within days, potentially alleviating some economic uncertainty and thus diminishing the demand for safe-haven assets. Gold is on track to record its best annual performance since 1979.