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Dollar up 0.8%, set for it best day in nearly 4 weeks

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Expect choppy, consolidative gold market into year-end -

analyst

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Most brokerages see 25-bps rate cut in December

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US ADP employment report, non-farm payrolls due this week

(Updates with U.S. morning hours)

By Sherin Elizabeth Varghese

Dec 2 (Reuters) - Gold prices slipped on Monday,

snapping a four-day winning streak, as the U.S. dollar staged a

sharp rally and investors braced for pivotal economic data and

Federal Reserve insights on the path of interest rates.

Spot gold was down 0.3% at $2,646.50 per ounce as of

10:09 a.m. ET (1509 GMT), having fallen as much as 1% earlier in

the day. U.S. gold futures dropped 0.4% to $2,670.

"A firmer dollar that's being driven at least to some degree

by Trump's comments," is pressuring gold prices, said Peter

Grant, vice president and senior metals strategist at Zaner

Metals.

Although, Grant noted that gold has pared some of its

earlier losses, with bullion being supported by persistent

geopolitical uncertainty.

He said the downside is limited and expects a choppy,

consolidative gold market into year-end.

The dollar index surged 0.8%, poised for its

strongest daily performance in nearly four weeks, pressuring

gold by making the greenback-priced metal more costly for buyers

using other currencies.

President-elect Donald Trump over the weekend urged BRICS

nations not to back or create alternatives to the U.S. dollar,

threatening 100% tariffs for defiance.

The warnings stoked fears of prolonged higher U.S. interest

rates, which already triggered a 3% drop in non-yielding gold

during November, the sharpest monthly decline since September

2023.

Key U.S. economic events this week include job openings

data, ADP employment report and non-farm payrolls. Speeches from

Fed officials, including Chair Jerome Powell, will also draw

attention.

"We note strong downside risks to gold in 2025, and

anticipate significant volatility as we will likely see the U.S.

Federal Reserve take a more cautious approach to interest rate

cuts, to the detriment of gold," BMI analysts said in a note.

After last month's 25-basis-point reduction to 4.50%-4.75%,

markets now peg the odds of another cut in December at 64%,

aligning with major brokerages' expectations.

Elsewhere, spot silver shed 0.4% to $30.48 per ounce,

platinum ticked down by 0.2% to $943.65 and palladium

rose 1.1% to $989.