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Gold prices rose on Wednesday, as bargain hunters stepped in after bullion dropped to a near one-week low in the previous session, while focus was also on the US private payroll data for cues on future interest rate cuts.Spot gold rose 0.8% to $3,961.85 per ounce. Bullion fell more than 1.5% on Tuesday, hitting its lowest since Oct. 30.US gold futures for December delivery rose 0.2% to $3,970.10 per ounce.Bullion hit a record high of US$4,381.21 on Oct. 20, but has fallen close to 10 percent since then.Elsewhere, spot silver rose 1.2 percent to US$47.68 per ounce, platinum gained 0.1 percent to US$1,537.10, and palladium climbed 0.2 percent to US$1,394.75.

Gold prices rose on Monday to hover near an all-time high, supported by a weaker dollar and growing expectations that the Federal Reserve is likely to continue with interest rate cuts later this year. Spot gold was up 0.5% at $3,776.72 per ounce. Bullion hit a record of $3,790.82 last week. US gold futures for December delivery were steady at $3,806.20. Elsewhere, spot silver rose 0.6% to $46.26 per ounce, platinum climbed 2.2% to $1,602.45 and palladium gained 0.8% at $1,279.68.

Gold rallied to a fresh record as an unexpectedly weak US employment report bolstered wagers that the Federal Reserve will cut interest rates later this month, reports Bloomberg. Bullion rallied as much as 1.5% to hit a fresh all-time high above $3,600 an ounce, extending a steep rally this week as bets on rate cuts intensify.The move came as a pivotal US payrolls report on Friday showed a slowdown in hiring, while unemployment rose to the highest level since 2021. Lower borrowing costs tend to boost the appeal of non-yielding gold, which has also seen support from strong haven demand amid concerns over the US central bank’s future.