Spot gold added 0.8% to $4,189.61 per ounce, hitting its highest since November 14, and was set for a 3% weekly gain

Gold prices jumped on Friday and were poised for a fourth straight monthly gain. Spot gold added 0.8% to $4,189.61 per ounce by 0303 GMT, hitting its highest since November 14, and was set for a 3% weekly gain.

Bullion is set to register a 3.9% rise this month. U.S. gold futures for December delivery were up 0.5% at $4,221.30 per ounce.

Trading conditions are looking a bit thin liquidity-wise, which is exacerbating some of the market moves. A lot of the moves higher in gold are due to pre-positioning in anticipation of a lower interest rate environment, said KCM Trade Chief Market Analyst Tim Waterer.

U.S. rate futures are pricing in an 87% possibility of a rate cut in December, compared with 85% a day prior and 50% a week before, according to the CME’s FedWatch tool.

Comments from San Francisco Federal Reserve Bank President Mary Daly and Fed Governor Christopher Waller this week have bolstered expectations for a rate cut next month.

Like U.S. President Donald Trump, Kevin Hassett, who has emerged as a front runner to replace Jerome Powell as central bank Chair, has also said interest rates should be lower.

Their stance, however, contrasted with several regional central bank presidents advocating a pause until inflation shows a more convincing move towards the U.S. central bank’s 2% target.

Non-yielding gold tends to perform well in low-interest-rate environments.

The U.S. dollar was headed for its worst week since late July. A softer dollar makes dollar-priced gold more attractive for buyers using other currencies.

Investors say that Hassett at the central bank’s helm could pressure the dollar.