Gold prices rise after sharp declines in the previous session

Gold prices rose slightly on Wednesday, after sharp declines in the previous session.

Spot gold rose 0.5% to $2,610.99 per ounce, after recording its lowest levels since September 20, yesterday, Tuesday.

US gold futures also rose 0.4% to $2,617.20.

In other precious metals, spot silver rose 1% to $31, platinum rose 0.6% to $953.22, and palladium rose 1% to $953.84.

Gold prices fell to their lowest levels in nearly two months in trading on Tuesday, in the face of a strong dollar and optimism about the growth of the US economy under the second Trump administration.

US gold futures fell 0.4% to $2,606.30 at settlement, according to Reuters.

The dollar index’s rise to a more than four-month high made gold more expensive for holders of other currencies.

Markets are watching a slew of U.S. economic data this week, including the release of October’s consumer price index on Wednesday, along with comments from Federal Reserve Chairman Jerome Powell and other bank officials.

Following the Fed’s recent decision to cut its benchmark interest rate by a quarter-point to a range of 4.50% to 4.75%, traders now see a 59% chance of another rate cut in December, compared with about 80% before Trump’s election victory last week.