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(Bloomberg) -- Gold inched higher, trading within a narrow range as investors look ahead to US data that could offer clues on the Federal Reserve’s rate decision this month.

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US nonfarm payroll figures due Friday are set to provide an indicator of the nation’s economic health as the Fed prepares for its Dec. 18 meeting. Several Fed officials, including Chair Jerome Powell, are also scheduled to speak at various events later this week.

Swaps markets are pricing in almost a 75% chance that the central bank will cut interest rates by a quarter point. Lower rates typically benefit non-interest bearing gold. Investors are also keeping a close watch on geopolitical conflicts, as bullion is considered a haven asset.

“The US economy is in the spotlight this week, due to the busy data calendar and the plethora of Fed speakers,” said Priyanka Sachdeva, senior market analyst with Phillip Nova Pte. “However, the ongoing concerns surrounding Russia and Ukraine are likely to limit any significant downside for gold.”

Bullion rose 0.2% to trade at $2,643.24 an ounce by 10:49 a.m. in London. It dipped 0.2% on Monday due to a strengthening dollar, which makes the metal more expensive for many buyers.

The precious metal has fallen about 5% from a record high in late October, as the dollar gained and tensions eased in the Middle East. Still, prices remain up more than 28% this year, supported by US monetary easing and central-bank purchases.

“Despite the recent upward revisions to our forecasts for the US dollar and Treasury yields, we think the gold price will rise to $2,750 by end-2025,” Capital Economics wrote in a note. “This reflects our view that stronger gold demand from China and broader concerns about fiscal sustainability will offset unfavorable movements in gold’s traditional drivers.”

The Bloomberg Dollar Spot Index edged lower following a gain on Monday. Silver advanced 1.5% while platinum and palladium also rose.

--With assistance from Jack Ryan.