Gold Price Forecast: XAU/USD Slips Toward $4,076 as December Fed Hike Odds Hit 90% - FXLeaders

AI desk brief

Spot gold is slipping toward $4,076 as markets price roughly a 90% chance of a December Fed hike, keeping XAU/USD under pressure near $4,114 and on track for a fourth straight daily decline. Reuters-cited pricing showed spot at $4,118.18 and December futures at $4,136.20, while the article flags $4,076 as the key floor; a break there would expose $4,031 and then $3,987, with $4,149/$4,191 the nearby upside triggers.

The macro backdrop is still doing the work: even as the dollar softened and 10-year yields eased on Tuesday, gold failed to rebound, suggesting the market is trading the Fed’s December path rather than day-to-day oil moves. ETF holdings are holding up, with Bloomberg-tracked gold ETFs said to be near a 2026 high of 101.3mn ounces, limiting the risk of a sharper flush for now.