U.S. gold futures for December delivery rose about 0.2% to $2,616.60 per ounce. Spot silver gained 2.2% to a new high of $27.59 per ounce. Markets currently anticipate an 87% probability of a rate cut this month, according to the CME Group's FedWatch tool. Recent comments from Federal Reserve Governor Christopher Waller and New York Fed President John Williams, coupled with weak economic data following the recent government shutdown, have boosted expectations for a central bank rate cut this month. Gold, which yields no return when interest rates are low and during periods of geopolitical uncertainty, tends to rise. Investors are looking to U.S. manufacturing and private sector jobs data, due later this week, to assess the likelihood of a rate cut at the central bank's meeting on December 10. The dollar stabilized near its lowest level since November 17, making dollar-denominated gold cheaper for holders of other currencies. As for other precious metals, platinum fell 0.2% to $969.15, while palladium rose 2.3% to $1,483.51. Gold prices fell on early Asian trades on Tuesday from a near three-week high as investors took profits amid growing expectations of a U.S. rate cut later this month, while silver hit a record high. Spot silver rose 2.2% to a new high of $27.59 per ounce. Markets currently anticipate an 87% probability of a rate cut this month, according to the CME Group's FedWatch tool. Recent comments from Federal Reserve Governor Christopher Waller and New York Fed President John Williams, coupled with weak economic data following the recent government shutdown, have boosted expectations for a central bank rate cut this month. Gold, which yields no return when interest rates are low and during periods of geopolitical uncertainty, tends to rise. Investors are looking to U.S. manufacturing and private sector jobs data, due later this week, to assess the likelihood of a rate cut at the central bank's meeting on December 10. The dollar stabilized near its lowest level since November 17, making dollar-denominated gold cheaper for holders of other currencies. As for other precious metals, platinum fell 0.2% to $969.15, while palladium rose 2.3% to $1,483.51.
