Gold prices surged nearly $150/oz this week, reaching $4,225/oz and nearing October’s all-time high. Expectations of continued Fed rate cuts, dollar weakness, and geopolitical risks boosted demand for gold as a hedge against uncertainty.

Odds of a December rate cut by the Fed are at 80%, with projections for further cuts in 2026. This outlook has driven investors towards non-yielding assets like gold, as they anticipate a potential drop of a full percentage point in US Dollar-denominated yields.

Gold’s rally was also supported by a weakening US Dollar and global geopolitical tensions. Next week, the market may focus on receiving macroeconomic data to inform projections and price valuations for gold, after a month-long federal government shutdown impacted data availability.

Read more at Yahoo Finance: Gold Soars Toward Record High as Rate-Cut Bets and Dollar Weakness Drive Demand