Gold steady ahead of US House vote on government reopening

Gold prices were steady on Wednesday as investors awaited a US House of Representatives vote on a deal to reopen the federal government, which could pave the way for clarity on economic data and the potential path for Federal Reserve rate cuts, reports Reuters.
Spot gold was steady at $4,124.17 per ounce, as of 1022 GMT. US gold futures for December delivery rose 0.3 per cent to $4,130 per ounce.
"Everyone is awaiting more clarity on the government shutdown and when the data is coming out of the US again," said UBS analyst Giovanni Staunovo.
"It's probably some stability before prices keep going up... we are still in an uptrend when it comes to the gold prices. Nothing from the structural side has completely changed," Staunovo added.
Gold prices have surged more than 57 per cent year-to-date, reaching a record high of $4,381.21 on October 20, driven by geopolitical tensions, economic concerns, easing Fed monetary policy, de-dollarization, and strong gold-backed ETF inflows.
The US Senate approved a deal on Monday to restore federal funding after a record-breaking government shutdown. House lawmakers returned to Washington on Tuesday to vote on the measure that could formally resolve the standoff.
Economic data remains a focus, with payroll processor ADP reporting on Tuesday that US companies were cutting more than 11,000 jobs per week through late October.
Meanwhile, market expectations for monetary policy have shifted, with CME Group's FedWatch tool showing a 67 per cent probability of a 25-basis-point rate cut at the Fed's next meeting on December 10, up from 62 per cent a day earlier.