CHICAGO, Jan. 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday on market expectations that the Federal Reserve will soon start cutting interest rates.

       The most active gold contract for February delivery rose 1.60 U.S. dollars, or 0.08 percent, to close at 2,073.40 dollars per ounce.

       Market generally expects that the Fed will start cutting interest rates in March. Therefore the broader prospects of gold remain upbeat.

       Gold market should brace for volatility this week as a slew of economic indicators will be released, including the jobs report on Friday. The minutes of the Federal Reserve December meeting are set to be released on Wednesday.

       The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers' Index (PMI) posted 47.9 in December, down from 49.4 in November and lower than the earlier released flash estimate of 48.2.

       Silver for March delivery fell 13.30 cents, or 0.55 percent, to close at 23.953 dollars per ounce. Platinum for April delivery fell 10.90 dollars, or 1.08 percent, to close at 998.30 dollars per ounce.