Update prices
Gold rose in spot transactions 0.3 percent to $2,641.33 per ounce by 0521 GMT, retreating from its highest level of $2,685.42, which it recorded on Thursday.
US gold futures rose 0.2 percent to $2,663.10.
Federal Reserve Chairman Jerome Powell indicated on Monday that the US central bank will likely seek to lower interest rates by a quarter of a percentage point in the future and that it is not “in a rush” after new data strengthened confidence in continued economic growth and consumer spending.
Data this week includes those related to employment and non-farm payrolls in the United States, which is expected to shed light on the strength of the American labor market.
Officials from the Federal Reserve are also expected to speak and US job openings data will be released later Tuesday.
According to the CME Group’s Fed Watch service, market investors expect 62 percent of interest rates to be cut by 25 basis points in November, up from 47 percent on Friday.
Lowering interest rates increases the attractiveness of gold, which does not generate interest. The yellow metal achieved its best quarterly gains since 2020 yesterday, Monday, after the Federal Reserve began its monetary easing cycle by reducing interest rates by half a percentage point at the September meeting.
As for other precious metals, silver rose in spot transactions by 0.7 percent to $31.36 per ounce. Platinum increased 0.9 percent to 984.95 percent. Palladium settled at $1,000.
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