Gold prices hovered around $4,150 per ounce on Tuesday after rising nearly 2% on Monday as expectations for a US interest rate cut next month increased after dovish signals from Federal Reserve officials. Fed Governor Christopher Waller on Monday reiterated his support for a December cut, citing persistent weakness in the US labor market. Similarly, New York Fed President John Williams indicated on Friday that a near-term reduction remains a possibility. Markets now assign an 81% probability to a 25bps cut in December, up sharply from around 40% a week ago. Investor focus now turns to September retail sales and PPI data due later today, as well as weekly jobless claims on Wednesday, for further clues on the health of the US economy and the likely path of Fed policy.