Gold prices climbed as the US dollar slipped and markets priced in an increased likelihood of an interest-rate cut before year-end. Bullion hovered around $4,165 an ounce in Asian trading, up modestly from Tuesday, while a weaker dollar made gold more affordable for international buyers.
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Recent economic data, including slower retail sales growth and a decline in consumer confidence, have strengthened expectations that the Federal Reserve could reduce rates next month. Traders now see more than an 80% chance of a quarter-point cut in December.
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Gold has remained above the $4,000-an-ounce mark after retreating from last month’s peak above $4,380. The metal is on track for its strongest annual performance since 1979, rising over 55% this year due to central-bank purchases and strong retail demand amid global uncertainty. Silver also gained 0.9%, while platinum and palladium saw slight declines.
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