Gold futures rise as dollar steadies

Spot gold rose 0.2% to $4,458.57 an ounce

Gold prices rose, supported by comments from US Federal Reserve officials that reinforced expectations of interest rate cuts, while heightened geopolitical tensions in Venezuela boosted demand for the safe-haven metal.

During Tuesday’s trading, February gold futures climbed 0.35%, or $15.6, to $4,467.1 an ounce.

March silver futures jumped 2.7% to $78.78 an ounce. Spot gold rose 0.2% to $4,458.57 an ounce, while spot silver gained about 3.1% to $78.95.

The dollar index, which measures the US currency against a basket of six major currencies, was little changed at 98.26 at 9:17 a.m. Mecca time.

Spot platinum rose 1.95% to $2,320.89 an ounce, while palladium gained 1.25% to $1,738.72.

The moves came after Minneapolis Federal Reserve Bank President Neel Kashkari said inflation is slowly easing, while warning of the risk of a sudden rise in unemployment, Reuters reported.