Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.
Spot gold rose 0.4% to $2,623.54 per ounce by 0246 GMT, the highest since Nov. 12. Prices rose 2% on Monday.
U.S. gold futures gained 0.5% to $2,627.60.
The U.S. dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other currencies.
The recent strong economic data has raised concerns on whether the Fed will continue to cut rates after 75-basis-points of reductions since September. Several Fed officials are due to speak this week.
Traders currently see a 58.8% chance of a 25-basis-points cut in December versus 41.2% odds of holding the rates steady.
On the geopolitical front, Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, severely damaging the country's power system.
Among other metals, spot silver rose 0.5% to a one-week high of $31.32 per ounce. Platinum ticked 0.3% higher to $969.80.
Palladium was steady at 1,005.20 after rising more than 5% on Monday.
Source: Reuters
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