Gold prices rise as dollar weakens

February gold futures rose 0.35% to $4,236.6 an ounce

Gold prices climbed on Wednesday as the dollar fell amid expectations of an interest rate cut at the Federal Reserve’s upcoming meeting and ahead of key inflation data due this week.

February gold futures rose 0.35%, or $15.8, to $4,236.6 an ounce.

Spot gold inched up 0.1% to $4,208.33 per ounce, while spot silver fell around 0.9% to $57.89 an ounce.

The US Dollar Index, which measures the greenback against a basket of six major currencies, slipped 0.2% to 99.17 at 09:38 a.m. Makkah time.

March silver futures dipped 0.1% to $58.64 an ounce after touching a new record of $59.65. Spot palladium fell 1.4% to $1,445.27, while spot platinum rose 0.75% to $1,650.8.

US ADP private payrolls data for November is due later today, followed on Friday by the core Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge, for September.