Gold hits over one-week high as Fed remarks renew rate-cut bets

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Dec. 22, 2023. - Photographer: Chalinee Thirasupa/Bloomberg

Gold extended gains on Tuesday to hit its highest in more than a week, brushing off a firm dollar, after dovish comments from Federal Reserve policymakers revived prospects of a U.S. rate cut in December.

Spot gold rose 0.1% to $4,141.49 per ounce by 0631 GMT, the highest since November 14, building on a 1.8% advance on Monday.