Gold Rises; Traders Price 25bps Fed Cut 93% High

Gold is trading higher at USD2,678 per ounce on Wednesday, holding gains from the previous session, as investors await further clues to gauge the direction of the Federal Reserve's monetary policy.

Gold Rises; Traders Price 25bps Fed Cut 93% High

Gold gained momentum on Tuesday after the U.S. dollar and Treasury yields softened slightly following weak manufacturing data. New York's Empire State Manufacturing Index unexpectedly fell in October, hitting its lowest level in five months, signaling a slowdown in New York business activity after gaining in September.

Investors Eye U.S. Retail Sales

Investors are now looking to Thursday's U.S. retail sales data and Friday's speech by Fed Governor Waller for further guidance.

Markets are pricing in a 25-basis-point cut in the Fed funds rate to nearly 93% in November.