Gold prices rose to around $4,140 per ounce on Tuesday, building on gains from the previous session as expectations for a US interest rate cut next month increased further after dovish Fed signals. Bullion surged nearly 2% on Monday after Fed Governor Christopher Waller reiterated his support for a December cut, citing persistent weakness in the US labor market. On Friday, New York Fed President John Williams also indicated that a near-term reduction remains a possibility. Markets now assign an 81% probability to a 25bps cut in December, up sharply from around 40% a week ago. Investor focus now turns to September retail sales and PPI data due later today, as well as weekly jobless claims on Wednesday, for further clues on the health of the US economy and the likely path of Fed policy.
