Gold prices increase as the value of the dollar falls, making bullion more affordable for buyers.
Spot gold was up 0.6% at $1,807.69 per ounce, as of 0704 GMT. The dollar index slipped 0.4% against its rivals. Risk sentiment improved amid China relaxing quarantine rules, said OCBC FX strategist Christopher Wong.
Gold has risen nearly $200 since falling to a two-year low in late September. Top gold consumer China will stop requiring inbound travellers to go into quarantine. The move is a major step towards easing curbs on its borders, which have been largely shut since 2020.
The Fed cut its pace of rate hikes to 50 bps in December after four consecutive increases of 75 bps each, but has signalled further rises next year.
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