Spot gold rose modestly during early Asian trading hours, supported by growing expectations of Federal Reserve rate cuts. The precious metal gained 0.1% to $2,165.42 per ounce.

Analysts at ANZ Research noted in a report that dovish comments from policymakers have strengthened market anticipation for monetary easing. Federal Reserve Governor Christopher Waller stated that the labor market has weakened sufficiently to justify another rate cut in December. Concurrently, New York Fed President John Williams maintained his view that there remains room for further policy easing.

These remarks came amid reports that Kevin Hassett, a close ally of former President Trump, has emerged as a leading candidate for the Fed chair position. Lower interest rates typically benefit non-yielding assets like gold.