The bond market backed the move. The 10-year Treasury yield settled at 4.017%, down 0.050 or -1.23%. Lower yields reduce the appeal of government paper relative to a non-yielding asset like gold. When rate-cut bets rise and the long end follows, gold typically benefits, and this week fit that pattern perfectly.

Global Forces Keep Safe-Haven Demand in Play

Fundamentals outside the U.S. also supported the metal. The economy continues to post a mixed setup: Q3 GDP held near 2.7% annualized, but jobs are losing momentum with just 119,000 new positions in September and unemployment inching up to 4.4%.

Add unresolved tensions in the Russia-Ukraine conflict plus ongoing trade uncertainty, and it’s no surprise that central bank gold buying hit 634 tonnes through Q3 — up 28% from the previous quarter.

Gold Price Forecast Heading Into the December Fed Meeting

Short-term, the bias stays bullish as long as the market expects a December rate cut. If the Fed delivers the quarter-point move on December 9–10, gold has a clear path to retest the October peak. A surprise hold would cool enthusiasm, but right now, policy expectations, soft yields, and global stress keep the advantage with buyers.

More Information in our Economic Calendar.