Silver hits all-time high of $58.23 per ounce
Fed Chair Jerome Powell to speak later in the day
Gold & silver in a strong sideways-to-uptrend, analyst says
Updates for US midday session
By Anmol Choubey
Dec 1 (Reuters) - Gold prices rose to a six-week high on Monday, supported by growing expectations of U.S. interest rate cuts and a sliding dollar, while silver struck a record high ahead of key U.S. economic data.
Spot gold XAU= was up 0.1% at $4,233.83 per ounce, as of 11:15 a.m. ET (1615 GMT), its highest since October 21. U.S. gold futures GCcv1 for February delivery gained 0.3% to $4,266.60.
Silver XAG= was up 3.1% to $58.09 per ounce, after hitting an all-time high of $58.23 earlier. The white metal has risen over 100% so far this year.
The U.S. dollar slipped to a two-week low, making gold more affordable for holders of other currencies. USD/
"The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target... is still the underlying support in gold and silver," said David Meger, director of metals trading at High Ridge Futures.
Traders have increased December rate-cut bets to an 87% probability, following softer U.S. economic data and dovish remarks from Fed officials, including Governor Christopher Waller and New York Fed President John Williams. FEDWATCH
Lower interest rates tend to favor non-yielding assets such as gold.
Investors are also focusing on key U.S. data this week, including November ADP employment figures on Wednesday and the delayed September Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation gauge, due Friday.
Fed Chair Jerome Powell's remarks later on Monday are also expected to offer further policy clues.
Meanwhile, the expectation that the next Fed Chair is going to be more dovish than previous ones is also supporting gold and silver, Meger said.
White House economic adviser Kevin Hassett said on Sunday that, if chosen, he would be happy to serve as the next Fed chairman. Treasury Secretary Scott Bessent indicated a new chair could be named before Christmas.
"We still view gold and silver in a strong sideways to higher uptrend," Meger said.
Among other precious metals, platinum XPT= was down 0.8% to $1,659.03, while palladium XPD= fell 1.4% to $1,429.68.
(Reporting by Anmol Choubey in Bengaluru; Editing by Vijay Kishore and Shreya Biswas)
((anmol.choubey@thomsonreuters.com;))