Gold prices rose slightly on Wednesday, as US Treasury yields fell, while market participants waited for new U.S. economic data to determine how many interest rate cuts the Federal Reserve is likely to make perform in the short term.

Spot gold rose 0.3% to $2,667.97 per ounce at 2:17am GMT, coming close to $17 GMT, close to a record high reached last month. American gold futures gained 0.2% to $2,683.80

10-year Treasury yields slid for a third consecutive session, making zero-yield bullion more attractive.

"Relaxing U.S. monetary policy is a game changer for gold prices, as it paves the way for investment demand,” said Soni Kumari, commodity strategist at ANZ.

Investors are eagerly awaiting data on retail sales, industrial production, and weekly unemployment claims in the United States, expected on Thursday, for new clues about the Fed's monetary easing cycle.

Traders estimate the probability of a 25-basis-point cut in the Fed interest rate in November at 97.2%.

Cash strengthened 0.3% to $31.56 on Wednesday. Platinum rose 0.6% to $990.49 and palladium was up 0.2% to $1011.47