India, Feb. 11 -- Gold prices climbed on Wednesday as unexpectedly weak December U.S. retail sales data prompted traders to price in a further two rate cuts of 25 basis points from the Federal Reserve this year.
Spot gold surged 0.8 percent to $5,063.49 an ounce while U.S. gold futures were up 1.1 percent at $5,086.91.
The dollar dropped against all of its major peers and U.S. Treasury yields fell across the curve amid growing economic uncertainty.
With Federal Reserve officials signaling patience on rate cuts, the focus now shifts to the delayed jobs report later in the day and the CPI report on Friday.
Inflation and job creation are expected to hold steady, but revisions to the 2025 jobs numbers are expected to be large.
U.S. Commerc...