Khaberni - Gold prices rose on Monday, supported by expectations that the Federal Reserve (the U.S. central bank) will make another interest rate cut in next December, in addition to weak economic data that raised concerns about global growth.
As of 01:15 GMT, spot gold had risen by approximately 0.7% to $4027.88 per ounce.
The U.S. gold futures for December delivery rose by 0.7% to $4036.60 per ounce.
Last week's data showed that the U.S. economy lost jobs in October amid losses in government and retail sectors, while cost-cutting and companies' reliance on artificial intelligence led to an increase in announced layoffs.
A survey on Friday showed that consumer sentiment in the United States had fallen to its lowest level in almost three and a half years in early November amid concerns about the economic fallout from the longest U.S. government shutdown ever.
According to CME's FedWatch tool, market participants anticipate a 67% chance of an interest rate cut in December.
Gold, which yields no return, tends to rise in a low-interest rate environment and during times of economic volatility.
On Sunday, the U.S. Senate appeared ready to move forward with a measure aimed at reopening the federal government and ending the shutdown that lasted 40 days.
In other precious metals, spot silver rose 1.1% to $48.84 per ounce, platinum increased 1.2% to $1563.25, and palladium climbed 1.2% to $1396.75 per ounce.
