Gold Rises Supported by Dollar Decline

Gold prices increased after dropping 1% in the previous session, as the U.S. dollar fell. However, investors are awaiting more indicators regarding interest rate expectations from the Federal Reserve (the U.S. central bank). Spot gold rose 0.4% to $1,776.15. U.S. gold futures climbed 0.4% to $1,788.60. Data from the U.S. services sector, which came in better than expected, raised concerns among investors yesterday about the possibility of the Federal Reserve continuing its sharp interest rate hikes for a longer period.