On 17/11, global spot gold prices closed down 36 USD, settling at 4.044 USD an ounce. This marked the third consecutive session of decline for the precious metal. As trading opened on 18/11, the market continued its downward trend, currently trading at 4.034 USD.

Global gold prices have fallen for three consecutive sessions. *Chart: Kitco*

Gold is under pressure from a strong US dollar and increasingly fragile expectations of a US interest rate cut next month. This week, the US is set to release several economic data points previously delayed due to the government shutdown, which could signal the future policy direction of the Federal Reserve (Fed). Investors will receive the september jobs report and the minutes from the Fed's previous meeting.

"The market is experiencing significant volatility ahead of the release of various economic data following the government's reopening. Currently, expectations for a Fed rate cut are diminishing, making gold less attractive," stated David Meger, director of metals trading at High Ridge Futures.

A growing number of Fed officials are expressing caution regarding an interest rate cut in december. According to the CME FedWatch Tool, investors project a mere 41% chance of an adjustment next month, a decrease from over 60% last week. Fed vice chair Philip Jefferson indicated that the agency needs to be "cautious" about reducing interest rates, as such a move could undermine efforts to cool inflation.

Analysts at Scotiabank estimate the average gold price for next year at 3.800 USD an ounce, an increase from 3.450 USD this year. This projection is attributed to economic instability and declining real interest rates.

Beyond gold, other precious metals also depreciated at the start of the week's trading. Silver fell 1,2% to 49,9 USD an ounce. Platinum lost almost 1%, reaching 1.526 USD. Palladium closed at 1.379 USD, representing a 0,4% decrease.

Ha Thu (according to Reuters, Kitco)