Ammon News - Gold regained ground on Wednesday as investors clung to expectations of a Federal Reserve rate cut, with a raft of U.S. data this week to set the course for monetary policy, while silver vaulted to a record high.

Spot gold rose 0.4% to $4,222.22 per ounce, as of 0506 GMT, after falling more than 1% in the previous session. U.S. gold futures for December delivery were up 0.8% at $4,252.90 per ounce.

U.S. rate futures now price an 89% chance of a rate cut next week, up from 85% a week ago, according to CME's FedWatch tool.

Recent U.S. data showing a slight economic slowdown has reinforced expectations of a Fed rate cut at the December 9–10 meeting, with major brokerages also forecasting policy easing.

Silver was up 0.4% at $58.73/oz after climbing to a fresh record high of $58.94 earlier in the session.

Elsewhere, platinum gained 0.3% to $1,638.34, while palladium was flat at $1,462.27.

Reuters