Close up stack of gold bars, financial wealth concepts and businessGold prices rose for a third consecutive session to a one-week high on Wednesday, driven by a softer dollar and escalating Russia-Ukraine tensions that raised the demand for safe-haven assets.
Spot gold added 0.32% to $2,640.19 per ounce by 0323 GMT, its highest since Nov. 11.
The U.S. dollar rally paused after hitting a one-year high last week, making bullion more appealing to buyers holding other currencies.
The market is adjusting its expectations for the Fed's cuts next year as inflation is becoming a bigger concern, which could be negative for gold, Spivak added.
Spot silver was steady at 31.22 per ounce, platinum added 0.1% to $975.10 at $973.90 and palladium flat at $1,035.43.
Persons:
Vladimir Putin, Washington, Ilya Spivak, Donald Trump's, Spivak, Jeffrey Schmid
Organizations:
U.S ., Federal Reserve, U.S
Locations:
Russia, Ukraine, , Kansas