Gold prices climbed on Monday, supported by growing expectations that the U.S. Federal Reserve will cut interest rates this week, adding pressure on the dollar.
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By 01:18 GMT, spot gold rose about 0.3% to reach $4,206.99 per ounce.
U.S. gold futures for December delivery fell 0.2% to $4,236.30 per ounce.
The U.S. dollar weakened, hovering near its six-week low reached on December 4, making dollar-denominated gold cheaper for holders of other currencies.
Consumer spending in the United States rose moderately in September after three consecutive months of strong gains, indicating a loss of momentum in the economy at the end of the third quarter as a soft labor market and rising living costs weighed on demand.
This followed private payroll data last month that showed the largest decline in more than two and a half years.
Dovish remarks from several Federal Reserve officials have further strengthened expectations of an upcoming interest rate cut.
According to CME’s FedWatch tool, there is an 88.4% probability that the Federal Reserve will cut interest rates by 25 basis points at its December 9–10 meeting.
As for other precious metals, silver held steady at $58.25 per ounce. Platinum rose 0.3% to $1,646.56 per ounce, while palladium fell 0.5% to $1,455.55 per ounce.
Reuters
