Global gold prices fell sharply on Friday, November 14, following hawkish remarks from U.S. Federal Reserve officials that dampened expectations for an interest rate cut in December. Spot gold dropped 1.9% to $4,092.72 per ounce after falling more than 3% earlier in the session, while U.S. gold futures for December delivery declined 2.4% to $4,094.20. Analysts said the reduced likelihood of a rate cut increased pressure on gold and silver markets, triggering widespread selling across global equities. The ongoing U.S. government shutdown has also created a data vacuum, leaving both the Fed and traders uncertain ahead of next month’s policy meeting. According to the CME FedWatch Tool, the probability of a 25-basis-point rate cut in December has slipped from 50% to 46%. Meanwhile, physical gold demand in major Asian markets remained weak, and other precious metals such as silver, platinum, and palladium also saw declines despite maintaining weekly gains.