Gold prices rose slightly in Asian trading on Thursday, supported by hopes of an interest rate cut by the Federal Reserve next month, while investors await the scheduled U.S.-Russia talks this week.

Spot gold rose by 0.2% to $3,361.87 per ounce, while December gold futures settled at $3,409.65 per ounce as of 08:19 AM Saudi time.

Gold prices have increased for the third consecutive day after a sharp decline at the beginning of the week, when President Donald Trump stated that gold bars would not face tariffs.

Gold is supported by expectations of a rate cut.