New York, November 24 (QNA) - Gold prices climbed more than 1 percent on Monday, supported by growing expectations that the Federal Reserve will cut interest rates next month.

Spot gold rose 1.2 percent to $4,111.86 an ounce. US gold futures for December delivery gained 0.4 percent to close at $4,094.20 an ounce.

John Williams, president of the Federal Reserve Bank of New York, said Friday that US interest rates could decline "in the near future" without jeopardizing the Fed's inflation target.

Among other precious metals, silver rose 1.7 percent to $50.84 an ounce, platinum gained 2.3 percent to $1,545.91, and palladium added 1.7 percent to $1,398.21. (QNA)