Gold prices saw a slight rise on Monday as investors looked forward to a series of U.S. economic data this week, which could shed light on the direction of the Federal Reserve’s interest rate policy. Spot gold rose by 0.3%, hitting $4,091.89 per ounce, as of 0114. Gold futures in the U.S. for December delivery held steady at $4,094 per ounce. This week, the focus will be on U.S. data releases, especially the September nonfarm payrolls report set for Thursday, which could offer insights into the strength of the world’s largest economy. The Bureau of Economic Analysis, which is part of the Commerce Department, announced on Friday that it is currently revising its schedule for the release of economic data affected by the recent end of the government shutdown.

Market participants currently see a 46% chance of a quarter-point cut in the Federal Reserve’s interest rate at the next meeting, down from the 50% probability noted last week. Concerns regarding inflation and signs of relative stability in the labor market after two interest rate reductions this year have prompted more Fed policymakers to show caution about further easing measures. Gold, known for not generating interest, usually shows strong performance in settings marked by low interest rates and times of economic uncertainty.

Meanwhile, the dollar index stayed strong against its counterparts, making gold less attractive for holders of other currencies. Last week, demand for physical gold in major Asian markets declined, with elevated prices curbing buying activity, resulting in discounts in India reaching their highest level in five months.

SPDR Gold Trust, known as the largest gold-backed exchange-traded fund worldwide, announced a decrease in its holdings by 0.47%, resulting in a total of 1,044.00 metric tons on Friday, down from 1,048.93 tons on Thursday. Elsewhere, spot silver increased by 0.8% to $50.94 per ounce, platinum saw a rise of 0.1% to $1,542.37, and palladium advanced by 1.2% to $1,401.50.