Gold gained as traders bet that the Federal Reserve will deliver an interest-rate cut next month amid signs of a weak labor market.

Federal Reserve Governor Christopher Waller fueled optimism on Monday after indicating support for a rate cut next month. New York Fed President John Williams had a similar impact on the market last Friday after he said a near-term cut remains a possibility.

While the central bank’s December meeting is the next big milestone for markets, investors are relying on dated economic data due to delays caused by the U.S. government shutdown.

Swap traders now see a nearly 80% chance of a rate cut at the Fed’s upcoming Dec. 9-10 policy meeting. Policymakers appear deeply divided over whether another reduction will be appropriate following cuts in September and Octob

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