Gold steadies at near two-week high as investors weigh Fed rate-cut bets

Gold was broadly steady on Thursday after hitting a near two-week high in the previous session, as market participants weighed the possibility of a December U.S. interest rate cut amid conflicting signals from the Federal Reserve. Spot gold was down 0.2% at $4,154.09 per ounce, as of 0200 GMT. U.S. gold futures for December delivery fell 0.3% to $4,151.20 per ounce. “At this moment the Fed isn’t clear in terms of what they’re going to do next and gold is just consolidating before the run up (to the Fed meeting) beginning this week,” GoldSilver Central MD Brian Lan said. Conflicting signals on the timing and magnitude of rate cuts have accelerated, hedging flows into swaptions and derivatives tied to overnight rates, with investors seeking protection against heightened policy uncertainty.