09:29 AM EST, 11/14/2025 (MT Newswires) -- Gold was sharply lower early on Friday as traders turn cautious amid weakening stock markets and lower expectations for another interest-rate cut from the Federal Reserve. Gold for December delivery was last seen down $147.20 to US$4,047.30 per ounce.

The drop comes as global stock markets falter after U.S. bourses on Thursday tumbled with investors starting to question heightened valuations for the technology equities, while hopes for another interest-rate cut from the Federal Reserve this year dimmed after two Fed Governors on Thursday said they oppose cutting rates at the December 10 meeting of the central bank's policy.

The CME Fedwatch Tool now sees a 53.4% probability of a December rate cut, down from 66.9% a week ago and 99.4% a month earlier.

The dollar was steady early, with the ICE dollar index last seen up 0.02 points to 99.18. Treasury yields weakened, with the yield on the U.S. two-year note last seen down 2.6 basis points to 3.577%, while the 10-year note was paying 4.093%, down 3.3 points.