Gold Steadies Near 2-Week High as Investors Weigh Economic Uncertainty

Gold prices steadied Thursday after hitting their highest level in nearly two weeks, as traders weigh the chances of a US interest rate cut in December amid mixed signals from the Federal Reserve.

Spot gold dropped 0.2% to $2,154.09 per ounce, while US gold futures for December delivery fell 0.3% to $2,151.20 per ounce. The precious metal had surged in the previous session but gave back some gains as investors parsed conflicting messages from Fed officials about monetary policy.

The uncertainty around December rate cuts is keeping gold in a holding pattern. When interest rates fall, gold becomes more attractive since it doesn't pay dividends like bonds or savings accounts. But Fed officials have been sending mixed messages about their next moves, making it harder for traders to position themselves.

Other precious metals showed more movement. Silver fell 0.9% to $31.89 per ounce, while platinum bucked the trend with a 1.4% gain to $961.04. Palladium dropped 0.9% to $1,009.87 per ounce.

The broader precious metals market reflects ongoing economic uncertainty. Investors often turn to gold and silver as safe havens during volatile times, but the recent pause suggests markets are waiting for clearer direction from the Fed before making bigger bets.