Gold rose during the North American session on Tuesday with buyers eyeing the $2,700 mark for the first time since November 25. One of the drivers of the yellow metal's rise was expectations that the Federal Reserve (Fed) will cut interest rates at its December meeting. At the time of writing, XAU/USD was trading at $2,694, up 1.32%.
US economic data released on the day suggested that small businesses have grown optimistic about the economy, according to a survey by the National Federation of Independent Business. However, traders are focused on the release of US inflation figures on the consumer and producer sides on Wednesday and Thursday, respectively.
Investors appear convinced that the Fed will cut interest rates at its December 17-18 meeting. Data from the CME FedWatch Tool suggests that futures are pricing in an 86% chance that Fed Chair Jerome Powell and company will cut the federal funds rate by 25 basis points (bps).
Source: FXStreet
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