Gold climbed past $4,220 per ounce on Friday to a one-month high and is on track for a fourth straight monthly gain as markets price a higher probability of a December Fed rate cut. Dovish remarks from several Fed officials and delayed economic releases showing weakness strengthened expectations of easing. Additionally, Kevin Hassett, viewed as a leading contender to replace Jerome Powell, has also signalled support for lower rates, lifting the odds of a 25 bps cut to over 80% and prompting traders to price roughly three additional cuts by the end of 2026. Heavy central bank buying and strong non-sovereign inflows into ETFs have added persistent demand for the metal, and together with falling real yields these flows underpin what could be gold’s strongest annual performance since 1979.