Gold and Silver futures rallied, then sold off on decreased rate cut probability.

December Gold futures reached a 17-session high of 4250 before the rally stalled and the contract finished lower, marking the biggest dollar and percentage decline since November 4th. Despite the selloff, Gold futures remain above $4,000 an ounce. The selloff followed the government's reopening, which brought uncertainty regarding the release of delayed economic data, causing the probability of a December rate cut to fall significantly from 95.4% on October 13th to 47.6%. This decrease in rate cut probability is the likely main reason for the decline in Gold futures, as falling rate cut odds typically lift real yields and strengthen the dollar, making non-yielding gold less attractive. Chicago Fed President Austan Goolsbee further accentuated caution about cutting interest rates, likening the situation to driving in a fog, echoing a statement by Jerome Powell.