09:37 AM EST, 11/13/2024 (MT Newswires) -- Gold prices rose early on Wednesday following three losing sessions as the dollar and yields weakened after a report showed U.S. inflation rose in line with expectations last month.

Gold for December delivery was last seen up US$13.10 to US$2,619.40 per ounce.

The U.S. Bureau of Labor Statistics said the October Consumer Price Index (CPI) rose at a 2.6% annual pace in October, up from 2.4% a month earlier but matching the consensus forecast, according to Marketwatch. Core inflation, excluding volatile food and energy costs, rose 3.3%, unchanged from September and also in line with forecasts.

The data is unlikely to change expectations the Federal Reserve will make a third-straight cut to interest rates at the December meeting of its policy committee. The CME FedWatch Tool shows a 79% probability of a 25 basis point cut at the Dec.18 end of the two-day meeting.

The dollar fell following the CPI data. The ICE dollar index was last seen down 0.16 points to 105.87.

Treasury yields also fell, with the U.S. two-year note last seen paying 4.254%, down 10.9 basis points, while the yield on the 10-year note was down 6.9 points to 4.371%.