After a strong performance this week, gold prices fell slightly in Asian trade on Thursday. Investors are increasingly optimistic that the US Federal Reserve (Fed) will cut interest rates in December.
It also weakened the US dollar, which lifted the prices of metals including gold this week. Platinum was weak on Thursday, but silver prices reached a record high.
Spot gold rose more than 2% this week as optimism grew that the Fed will cut interest rates next month.
According to CME FedWatch, the probability of a 25 basis point rate cut at the December 9-10 meeting has risen to 79.8%.
Many Fed members have said in the past week that improving employment is more important than inflation, and that price pressures are expected to ease in the coming months.
