Markets are currently pricing in two interest rate cuts by the Federal Reserve next year, amid signs of easing inflation and a weakening labor market. Investors are closely watching this week's release of the preliminary estimate for third-quarter GDP, which could provide new insights into the Fed's policy outlook.
On the geopolitical front, the United States is monitoring another ship near Venezuela after seizing two oil tankers this month. Meanwhile, Ukraine has struck a Russian tanker in the Mediterranean Sea for the first time.
Gold has increased by over 60% so far this year, on track for its best year since 1979. This rally is also supported by strong purchases from central banks and sustained inflows into ETFs.
