Gold closes higher amid US monetary-easing expectations

Gold has maintained its recent momentum on the back of US monetary-easing expectations

Gold prices rose at close on Wednesday, marking a fourth consecutive session of gains, supported by expectations that the US Federal Reserve will slash interest rates in December.

December gold futures climbed 0.60%, or $25.2, to $4,165.20 per ounce, settling at their highest level since Nov. 13.

Gold has maintained its recent momentum on the back of US monetary-easing expectations, with the CME FedWatch Tool indicating an 83% probability of a Fed rate cut at the December meeting.

The precious metal also found additional support from a weaker US Dollar Index—which measures the greenback against six major currencies—down 0.10% to 99 points as of 11:34 pm KSA time.