Gold prices up 2% to near $1,800

Gold prices sustained their upward trajectory to near $1,800 per ounce today, Dec. 1, lifted by the pullback in the US dollar amid expectations of the Federal Reserve's plan to dial down the pace of interest rate hikes.

Gold futures for February delivery jumped 1.98% to $1,794.60 an ounce at 10:11 am Makkah time, with spot prices also up 0.75% to $1,781.26 per ounce.

Similarly, silver futures for March delivery gained 3.21% to $22.48 an ounce as the spot price of platinum rose 0.90% to $1,042 per ounce. In addition, the spot price of palladium made a 1.67% leap to reach $1,912.50 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, plummeted by 0.50% to 105.32 points.

In a speech at a Brookings Institution event, Federal Reserve Chairman Jerome Powell underlined that the US central bank could soon moderate the pace of monetary tightening in light of improving inflation levels.

Financial markets’ forecasts suggest that the Fed is likely to raise interest rates by 50 basis points (bp) at the forthcoming December meeting, after earlier making four consecutive 75-bp increases.

Investors are awaiting the release of more US data later today, including consumer spending and weekly jobless claims data — a day before the release of the November jobs report.