02:00 PM EST, 11/28/2024 (MT Newswires) -- (Updates prices.)

Gold was steady midafternoon on Thursday even as the dollar rose in light electronic trade with U.S. exchanges closed for the Thanksgiving holiday.

Gold for February delivery was last seen up US$0.70 to US$2,665.50 per ounce.

The rise comes despite concerns the Federal Reserve will slow interest-rate cuts after the U.S. Personal Consumption Expenditures Index, the central bank's preferred inflation measure, rose in October. The Bureau of Economic Analysis on Wednesday reported the index rose 2.3% last month, meeting expectations but above the 2.1% rate reported a month earlier.

"US data revealed an uptick in a key inflation indicator last month, reinforcing expectations the Fed will cautiously approach lowering interest rates," Saxo Bank noted.

The dollar was higher early, with the ICE dollar index last seen up 0.08 points to 106.16.

Treasury yields were unavailable with U.S. markets closed for the holiday.