Gold continued its upward momentum after US economic data strengthened speculation of an interest rate cut at the Federal Reserve (Fed) meeting on December 9-10.
In addition, falling US Treasury yields and a weaker US dollar provided modest support for gold-based assets.
At 9.10 am, gold was at $4,141, up 0.27% since it opened in early Asian trading on Wednesday.
US inflation and retail sales, which showed price increases, are now stalling, while households cut spending in September.
Meanwhile, the Conference Board (CB) Consumer Confidence fell in November as Americans remained uncertain about their jobs, income and financial situation, following the government shutdown.
Based on this, money markets are now placing an 82% probability of a 25 basis point interest rate cut at the next meeting, up from 50% last week.
On Monday, Minneapolis Fed President Neel Kashkari said that the public is still feeling the effects of inflationary pressures, reiterating his hawkish stance amid divisions within the Federal Open Market Committee (FOMC).
Heading into the week, the US economic calendar will feature Durable Goods Orders and Initial Jobless Claims data on Wednesday, which could potentially provide early clues before Fed officials meet for the next FOMC meeting.
