Gold price surged by more than 8% in November. But the current rally on the Gold market could run out of steam ahead of the central bank meetings scheduled to take place the following week, according to strategists at Commerzbank.

Prospect of slower US rate hikes lends buoyancy to precious metals 

“Precious metals have profited recently – partly thanks to the weaker US Dollar – from the prospect of more moderate rate hikes by the Fed. It is questionable whether the buoyancy will last until the end of the year, however.”

“Gold could shed some of its gains again in the run-up to the central bank meetings that are to take place the week after next.”

“It is above all long-term-oriented financial investors who still appear hesitant, though at least no further selling from the ETFs tracked by Bloomberg has been reported since mid-November.”