Gold is trading higher for the fifth consecutive session in the middle of the European session on Monday, December 15th, trading just $40 away from its previous record high set in October. This comes as the US dollar and US Treasury yields weaken amid anticipation of economic data to be released this week. Gold is trading up approximately 0.98% at $4,343 per ounce. Silver is trading at $63.71 per ounce, up 2.75%, after reaching a new record high of $64.65 on Friday, supported by speculation and tight supply.

Market expectations for a US Federal Reserve interest rate cut next year remain high. According to the CME FedWatch tool, markets anticipate two rate cuts next year, which continues to put pressure on the US dollar index and support gold’s rise.

Markets are awaiting the release of the November non-farm payrolls report on Tuesday, which was delayed from early December due to the government shutdown. The report is expected to show an increase of 50,000 jobs in November, with the unemployment rate rising to 4.5% and wages remaining stable.

Meanwhile, the People’s Bank of China announced that it added 0.9 tons to its official gold reserves in November, bringing the total to 2,305 tons. It also reported inflows of $2.2 billion into Chinese gold exchange-traded funds (ETFs) in November, amounting to 17 tons.

Platinum is trading at $1,761, up 0.94%, while palladium is up approximately 2.28%, trading at $1,521.