Gold prices up supported by lower dollar and a decline in US ‎Treasury bond yields

Gold prices rose on Thursday, supported by a decline in the dollar and a decline in US Treasury bond yields, as traders awaited US economic data in search of more evidence regarding the monetary policy expectations of the Federal Reserve (the US central bank).

According to Reuters, gold rose in spot transactions by 0.4% to $2,036.60 per ounce by 0442 GMT. US gold futures rose 0.1% to $2,048.60.

The yield on US 10-year bonds settled near the lowest level in five months that it touched on Wednesday, after British inflation fell in November to its lowest level in more than two years.

The dollar fell 0.1% against its competitors, making gold less expensive for holders of other currencies.

“Gold remains supported by the possibility of a global cycle of interest rate cuts, especially in the United States,” said Kyle Rodda, financial markets analyst at Capital.com.

As for other precious metals, silver rose in spot transactions 0.6% to $24.28 per ounce, platinum increased 0.8% to $965.94, and palladium rose 0.4% to $1,200.73.