Pakistan, Aug. 12 -- Gold prices rose on Wednesday as investors reduced expectations for higher US interest rates. Markets were also preparing for important US inflation data. Spot gold gained 0.6% to $4,391.82 per ounce. US gold futures for December delivery increased 0.2% to $4,451.90. Gold had reached a 10-week high on Tuesday before retreating later in the session.

Read More: Gold edges down as dollar firms; investors eye US economic data

Meanwhile, expectations for Federal Reserve rate increases have weakened following recent economic data. Traders now see a 50% chance of a September rate hike. That figure was 60% before weaker-than-expected US jobs data. Lower interest rates generally support gold because the metal does not provid...