Gold prices had a tough November, their second worst month this year so far. But gold prices started to turn the corner late in the week, with five of the eight XAU-crosses finishing in positive territory. Gold prices in JPY-terms (XAU/JPY) was the best performing gold pair, gaining 0.91% over the past week. Gold prices in AUD-terms (XAU/USD) and gold prices in CHF-terms (XAU/CHF) were the next best performing pairs, adding 0.48% and 0.4%, respectively.
Overall, even after gold prices in USD-terms (XAU/USD) finished the week higher by 0.14%, it still closed the month lower by -3.21% overall. The main factor in gold’s weakness the past month were the dramatic pullback in Federal Reserve interest rate cut odds due to perceived progress towards a US-China trade war Phase 1 deal. To this end, gold prices may start December on stronger footing.
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