Gold steadied, after three days of losses underpinned by fading expectations of a US interest rate cut next month.
Bullion was holding above $4,000 an ounce on Tuesday. With traders and policymakers still awaiting a backlog of data after the longest US government shutdown in history, several Federal Reserve officials have cautioned against another reduction in the cost of borrowing.
Interest-rate swaps now imply a less-than-50% likelihood of a December rate cut after all but pricing in a quarter-point reduction less than a month ago. Lower interest rates typically make non-yielding bullion more appealing to investors.
Gold edged up 0.1% to $4,049.21 an ounce as of 7:11 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.3% in the previous session. Silver and platinum were flat, while palladium edged higher.
Source: Bloomberg
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