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Gold rises as expectations of a US rate cut increase and the dollar weakens
Gold prices rose on Monday, November 24, supported by growing expectations that the US Federal Reserve will cut interest rates next month, in addition to a weaker dollar.
Spot gold rose 0.4% to $4,081.52 an ounce.
US gold futures for December delivery settled at $4,079.30 an ounce.
The dollar index fell, making dollar-denominated gold more expensive for holders of other currencies.
"The market is increasingly convinced that the Fed is on track to cut interest rates in December," said Bart Melek, senior commodities analyst at TD Securities.
"Gold prices have been supported by expectations of a rate cut and a weaker dollar," he added.
The CME Group's FedWatch tool shows a 76% probability of a rate cut next month.
Gold, which does not offer a yield, tends to rise when interest rates are lower.
Meanwhile, investors are awaiting key economic indicators this week, including US retail sales, jobless claims, and producer price figures.
On the geopolitical front, the United States and Ukraine continued talks on Monday to draft an acceptable plan to end the war with Russia, after agreeing to amend a previous US proposal that many considered too favorable to Moscow.
As for other precious metals, silver rose 0.5% in spot trading to $50.24 an ounce. Platinum climbed 1.1% to $1,528.01, and palladium gained 0.8% to $1,385.85 an ounce.
