Gold prices rose during trading on Monday, benefiting from growing expectations that the US Federal Reserve will cut interest rates this week, which has increased pressure on the dollar.
Gold rose 0.4% in spot trading to $4,215.38 an ounce.
In contrast, gold futures for December delivery settled at $4,243.70 an ounce.
The US dollar declined
The US dollar has fallen to near a six-week low, a level last seen on December 4, making dollar-denominated gold less expensive for holders of other currencies.
Recent data showed that US consumer spending rose moderately in September, after three months of strong gains, reflecting a slowdown in economic momentum at the end of the third quarter, due to a weak labor market and rising living costs.
This came after the release of private sector payroll data which last month recorded the biggest decline in more than two and a half years.
Dovish comments from several Federal Reserve officials have also bolstered expectations of an interest rate cut. The CME FedWatch tool indicates an 88.4% probability of a 25-basis-point rate cut at the Fed's December 9-10 meeting.
As for other precious metals, silver settled at $58.25 an ounce, while platinum rose 0.3% to $1,646.56 an ounce, while palladium fell 0.5% to $1,455.55 an ounce.
