Gold futures rose midafternoon Friday on rising hopes for a December rate cut from the Federal Exchange.

Gold for February delivery was last seen up US$53.90 to US$4,256.20 per ounce, the highest since the Oct. 20 record high of US$4,359.40

The price of the precious metal is up 5.5% over the past month, moving the record on reviving hopes the Federal Reserve will again cut interest rates at the Dec.10 end to the two-day meeting of its policy meeting. The CME FedWatch Tool now sees an 86.9% probability for a rate cut, up from 71% a week ago.

The dollar moved lower, with the ICE dollar index last seen down 99.46 points to 99.65. Treasury yields rose, with the U.S. two-year note last seen paying 3.5%, up 1.5 basis points, while the yield on the 10-year note was up 2.0 points to 4.02%

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