Gold declines as investors take profits

Gold fell in early Asian transactions today, after touching its highest level in six weeks in the previous session amid profit-taking operations by investors who are also awaiting statements by the Chairman of the Federal Reserve (US Central Bank) and important economic data that may indicate a reduction in interest rates.

Gold fell in instant transactions by 0.2 percent to $4,222.93 per ounce by 00:24 GMT, after yesterday, Monday, recording its highest level since October 21.

US gold futures for December delivery fell 0.4 percent to $4,256.30.

The CME Group’s FedWatch tool shows that markets expect 88 percent of the Federal Reserve to cut interest rates in December.

White House economic adviser Kevin Hassett said on Sunday that he would be happy to assume the position of Chairman of the Federal Reserve if chosen.

US Treasury Secretary Scott Besent indicated the possibility of appointing a new president before Christmas.

Like US President Donald Trump, Hassett believes interest rates should be lower.

Gold, which does not yield a yield, tends to rise when interest rates are low.

Investors are also focusing on important data this week, including employment numbers for November, which will be released tomorrow, Wednesday, and the personal consumption expenditures index for September, which is scheduled to be released on Friday.

Federal Reserve Chairman Jerome Powell’s statements later today are expected to provide further indications on monetary policy.

As for other precious metals, silver fell 1 percent to $57.40 per ounce, platinum fell 0.3 percent to $1,652.05, while palladium rose 0.22 percent to $1,427.22.