(Bloomberg) -- Gold steadied after a two-day gain as investors scaled back expectations for an interest-rate cut from the Federal Reserve next month.

Bullion traded near $4,075 an ounce, after rising almost 1% over the prior two sessions. The US won’t publish the October employment report, leaving Fed policymakers without a key piece of data before their final meeting of the year. Meanwhile, minutes of the October gathering showed many officials said it would likely be appropriate to keep rates steady for the rest of 2025.

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Bullion tends to benefit from lower rates as it doesn’t pay interest, so if the Fed stands pat that could diminish the commodity’s appeal. In addition, a gauge of US dollar rose by the most since late September on Wednesday, which is also a headwind as it makes the metal more expensive for most buyers.

Gold has rallied strongly this year, gaining more than 50% and hitting a record in October, before retracing some of its gains. The advance has been supported by two earlier rate cuts from the Fed, as well as elevated central-bank buying and inflows into bullion-backed exchange-traded funds.

The metal was little changed at $4,074.68 an ounce at 11:31 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat after rising 0.5% on Wednesday. Silver traded above $51 an ounce after swinging between gains and losses, while platinum and palladium both advanced.

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