Gold prices rose to a more than one-week high on Wednesday as the US dollar and Treasury yields weakened after cooler inflation data boosted bets that a US rate cut might come sooner than earlier priced in by investors.
Spot gold rose 0.4% to $1,970.45 per ounce at 1224 GMT, after earlier touching its highest since November 7. US gold futures also gained 0.4% to $1,974.70.
Market participants are now awaiting US retail sales and producer price figures due at 1330 GMT.
Economists polled by Reuters forecast producer prices rose 0.1% last month, compared with a 0.5% increase in September.
Data on Tuesday showed that US consumer prices were unchanged in October, with the annual rise in underlying inflation the smallest in two years.
Following the CPI data, the dollar (.DXY) fell to an over two-month low and benchmark US 10-year Treasury yields fell to their lowest level since September 22.
A weaker US currency makes dollar-priced gold less expensive for holders of other currencies.
Spot silver rose 1.3% to $23.38 per ounce, while platinum firmed 0.6% to $890.21. Palladium was up 1.6% to $1,033.09 per ounce.
