Gold Rises Amid Optimism Over U.S. Fed Interest Rate Cuts

Gold prices increased on Monday, benefiting from rising expectations that the Federal Reserve (U.S. central bank) might cut interest rates this week, putting pressure on the dollar.

By 0118 GMT, spot gold rose by about 0.3 percent, reaching $4206.99 per ounce.

U.S. gold futures for December delivery fell by 0.2 percent to $4236.30 per ounce.

The dollar declined, hovering near its lowest levels in six weeks touched on December 4, making gold priced in the U.S. currency cheaper for other currency holders.

Regarding other precious metals, silver remained steady at $58.25 per ounce. Platinum increased by 0.3 percent to $1646.56 per ounce. Palladium decreased by 0.5 percent to $1455.55 per ounce.