02:00 PM EST, 11/24/2025 (MT Newswires) -- Gold traded higher midafternoon on Monday on recovering hopes the Federal Reserve will cut interest rates at next month's meeting of the central bank's policy committee.

Gold for February delivery was last seen up US$18.90 to US$4,134.90 per ounce.

The rise comes amid strengthening hopes the Federal Open Market Committee will cut interest rates at the Dec.10 end of the two-day meeting of the Federal Open Market Committee (FOMC). Odds for a cut rose after comments last week from New York Fed President John Williams, a committee member, supporting the move.

"Gold steadied as investors evaluated the prospect of another Fed rate cut after NY Fed President John Williams signalled there may be room to lower borrowing costs amid a softening labour market, even as other officials struck a more cautious tone," Saxo Bank noted.

The CME FedWatch Tool now sees a 78% probability the FOMC will cut rates at its next meeting, up from 42.4% a week earlier.

The dollar was steady, with the ICE dollar index last seen unchanged at 100.18, while treasury yields eased, with the yield on the two-year note was last seen down 0.2 basis points to 3.516%, while the 10-year note was paying 4.043%, down 2.5 points.