Overview
- Spot gold eased to about $4,039 per ounce on Tuesday, marking a fourth straight decline as the dollar held firm.
- Traders now price roughly a 42%–46% chance of a December Fed cut after hawkish signals from officials, including Vice Chair Philip Jefferson.
- A backlog of delayed releases keeps visibility low, with nonfarm payrolls due Thursday alongside Fed minutes and a closely watched speech by Chair Jerome Powell.
- Despite the pullback, bullion remains up about 55% year to date and on pace for its strongest annual performance since 1979.
- Structural support persists from elevated central‑bank buying and recent ETF inflows, though physical demand in Asia has softened and Indian dealers are offering discounts.