Gold Prices Climb Amid Interest Rate Cut Predictions

Gold prices saw an uptick during early Asian trading on Wednesday. This increase is attributed to optimism that the Federal Reserve might reduce interest rates come December.

In spot transactions, gold climbed approximately 0.2 percent, reaching $4136.59 per ounce by 0054 GMT. Meanwhile, U.S. gold futures for December delivery slightly dropped by 0.1 percent to $4134.

Current market predictions indicate an 84 percent likelihood of a rate cut next month. This is a notable increase from the 50 percent probability observed just last week, as reported by CME data.

As for other precious metals, silver experienced a minor dip in spot transactions, down 0.1 percent, priced at $51.36. Platinum saw a decline of one percent, standing at $1538, while palladium decreased by 1.1 percent to $1382.24.