PRECIOUS-Gold rises on Fed rate cut bets, growth worries

Nov 10 (Reuters) - Gold prices rose on Monday, buoyed by expectations of another Federal Reserve interest rate cut in December and a slew of weak economic data that raised global growth worries.

FUNDAMENTALS

* Spot gold gained 0.7% to $4,027.88 per ounce by 0115 GMT.

* U.S. gold futures for December delivery rose 0.7% to $4,036.60 per ounce.

* The U.S. economy shed jobs in October amid losses in the government and retail sectors, while cost cutting and artificial intelligence (AI) adoption by businesses led to a surge in announced layoffs, data showed last week.

* U.S. consumer sentiment weakened to its lowest level in nearly 3-1/2 years in early November amid worries about the economic fallout from the longest ever U.S. government shutdown, a survey showed on Friday.

* Market participants now see a 67% chance of a December Fed rate cut, according to CME FedWatch Tool. Non-yielding gold tends to do well in a low-interest-rate environment and during economic uncertainties.

* On Sunday, the U.S. Senate appeared poised to move forward with a measure aimed at reopening the federal government and ending a 40-day shutdown that has sidelined federal workers, delayed food aid and snarled air travel.

* Global shares got a lift in Asia on optimism that an end to the historic U.S. government shutdown could be in sight, while the dollar was nursing losses from last week.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.16% to 1,042.06 tonnes on Friday from 1,040.35 tonnes on Thursday.

* Physical gold demand in India remained subdued last week as volatile prices deterred buyers and prompted dealers to offer steep discounts to lure them, while demand cooled in China on changing tax regulations.

* Elsewhere, spot silver firmed 1.1% to $48.84 per ounce, platinum rose 1.2% to $1,563.25 and palladium added 1.2% to $1,396.75. (Reporting by Brijesh Patel in Bengaluru; Editing by Sumana Nandy)