Metal prices were rising, as a weaker dollar helped support commodities backed by the greenback.

“The outlook for gold futures in coming months remains largely contingent on the U.S. dollar,” Commonwealth Bank of Australia said.

“The dollar has weakened since the beginning of November as markets have looked to price in more Fed Fund rate cuts over 2024. However, there is likely a limit to dollar weakness being tied to Fed Fund rate cut expectations next year,” CBA added.