SINGAPORE: Spot gold gained 0.9 percent to $4,406.34 an ounce, while US gold futures for December delivery rose 0.6 percent to $4,466.70.
The precious metal has been supported by growing expectations that the Federal Reserve could keep interest rates lower, after weaker-than-expected US jobs data last week prompted traders to scale back bets on a rate hike.
Gold recorded its strongest weekly gain since January last Friday following the employment figures. According to the CME Group’s FedWatch tool, markets were pricing in a 50 percent probability of a September rate hike, down from 60 percent before the jobs report.
Lower interest rates generally support gold because the non-yielding asset becomes more attractive relative to interest-bearing investments.
Investors are now focused on the US Consumer Price Index data due later on Wednesday, with the figures expected to provide fresh clues about the direction of monetary policy and potentially reshape interest-rate expectations.
In other precious metals, spot silver rose 1.2 percent to $65.46 an ounce, although it remained below its highest level since June 22, reached on Tuesday.
Platinum gained 0.6 percent to $1,754.10 an ounce, while palladium rose 0.8 percent to $1,370.86.