Emre Yumlu 
Global markets have once again turned their focus toward the Federal Reserve’s (Fed) December meeting, where expectations of a potential interest rate cut are steadily increasing. This growing belief has supported risk appetite and contributed to notable gains across the precious metals market. Gold, in particular, continues to climb, reaching its highest level in nearly a month during the final trading session of the week.
Gold Heads for a Fourth Consecutive Monthly Advance
Spot gold advanced to $4,189.61 per ounce on Friday, marking its strongest level since mid-November. The metal is on track to close the week with an increase of roughly 3%, extending its performance for the month to about 3.9%. If this pace holds, November will represent gold’s fourth straight month of gains — a sign of sustained investor interest amid shifting monetary policy expectations.
Market analysts note that strengthening rate-cut prospects remain the primary driver of gold’s resilience. A lower-rate environment typically reduces bond yields and decreases the appeal of interest-bearing assets. As a result, investors often look toward alternatives such as gold, which becomes more attractive when real yields fall.
Hassett’s Policy Views Add Momentum to Market Sentiment
Comments from Kevin Hassett, a leading candidate for the Federal Reserve chair, have also influenced market sentiment. Hassett has expressed support for reducing interest rates — a stance that aligns with positions held by former President Donald Trump. His view contrasts with the more cautious approach favored by several regional Fed officials, who prefer to maintain tighter policy until inflation moves closer to the 2% target.
Even so, investors see Hassett’s perspective as a possible signal of a more accommodative policy direction in the months ahead. These expectations are shaping portfolio strategies going into year-end, enhancing gold’s role as a defensive asset during periods of policy uncertainty.
Dollar Weakness Provides Additional Support
A significant decline in the U.S. dollar has added another layer of support to gold markets. The dollar is heading toward its weakest weekly performance since late July, making gold more affordable for investors operating in other currencies and boosting international demand.
Market participants also speculate that a potential Hassett appointment could place further downward pressure on the dollar. As long as the U.S. currency remains under strain, analysts believe gold’s upward trajectory may continue, reinforced by a favorable macro environment and growing anticipation of monetary easing.
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