NEW YORK: Gold prices rose on Wednesday, holding above the key $1,800 level, as expectations of slower US rate hikes lent support, but a rise in the dollar capped any further gains in the non-yielding bullion.

Spot gold rose 0.3% to $1,822.63 per ounce by 10:38 a.m. ET (1538 GMT) after rising more than 1% on Tuesday on the back of a dip in the dollar. US gold futures gained 2% to $1,829.200.

“We believe the trend continues to move sideways to higher, with the market focused on the idea that the Fed is coming to an end with its interest rate hikes in early 2023,” said David Meger, director of metals trading at High Ridge Futures.

Gold has risen nearly $200 since falling to a more than two-year low in late September as expectations around slower rate hikes from the Federal Reserve dented the dollar’s allure.