02:00 PM EDT, 07/24/2024 (MT Newswires) -- (Updates prices.)

Gold rose for a second day midafternoon on Wednesday as the dollar weakened ahead of key U.S. inflation data coming on Friday.

Gold for December delivery was last seen up US$9.40 to US$2,464.60 per ounce,

The rise comes ahead of the Friday release of the June Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure. The report is expected to show the index rose at a 2.5% annualized rate last month, the consensus estimate according to Marketwatch, down from 2.6% in May, showing U.S inflation continues to slow and firming expectation the Federal Reserve will be able to begin cutting interest rates in September.

"Gold is buoyed by anticipation of upcoming inflation and GDP data, along with expectations of the Fed's first interest rate cut later this year