WASHINGTON (dpa-AFX) - Gold prices edged higher on Wednesday while the dollar weakened ahead of the October Personal Consumption Expenditures (PCE) price index due later in the day and the Thanksgiving holiday on Thursday.
Spot gold rose 0.6 percent to $2,648.65 per ounce in European trade while U.S. gold futures were up more than 1 percent at $2,673.54.
A ceasefire deal between Israel and Hezbollah militants in Lebanon has come into effect in the early hours today, but sceptics say it will remain unsustainable without an end to hostilities in Gaza.
The deal, agreed by both sides for a 60-day halt in fighting, requires Hezbollah to retreat 40 kilometers from the Israel border, and Israel to gradually withdraw its remaining forces on the ground from the Lebanese territory.
Over the next 60 days, the Lebanese Army and the State Security Forces will deploy and take control of their own territory once again.
Hezbollah terrorist infrastructure in southern Lebanon will not be allowed to be rebuilt.
Elsewhere, British Defense Secretary John Healey said Russia is escalating attacks on Ukraine but declined to confirm reports of Ukrainian forces firing Storm Shadow missiles at Russia.
Healey also cited reports of Russia using a new ballistic missile against Ukraine, adding the front line is 'less stable than at any time since the early days of the 2022 invasion.'
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