Gold traded above $4,200 per ounce on Tuesday as the market priced a likely 25 bp cut this week even though fresh labor data clouded the medium term policy outlook. Job openings rose to about 7.67 million in October 2025 which, together with recent payroll signals, gives the Fed reason to stress data dependence even if a December cut is widely expected. Futures markets place a near certain chance on a 25 bp move this week which keeps the immediate path for policy easing open but leaves room for a hawkish cut scenario should officials signal a pause in early 2026. That policy backdrop continues to underpin bullion demand because central banks remain net buyers and China has added to official reserves for a 13th consecutive month taking holdings to about 74.12 million troy ounces. Heavy central bank purchases together with strong ETF inflows and robust physical buying have left gold up roughly 60% year to date.