Gold prices slipped as expectations for a Federal Reserve rate cut waned due to a lack of data on the US economy. Fed policymakers are divided on the need for a rate cut in December, with some concerned about slowing inflation. Gold remains up 54% this year, hitting its best performance since 1979.

The US government shutdown delayed crucial economic data, making officials hesitant to commit to further rate cuts. Interest rate swaps show less than a 50% chance of a December cut after nearly pricing one in earlier. Uncertainty looms as markets await clearer economic indicators post-shutdown.

Despite the uncertainty, gold remains a popular investment, up 54% this year and on track for its best year since 1979. The precious metal hit a record high last month driven by central bank purchases and investor demand as a hedge against global economic risks. Gold was 1% lower at $4,042.00 an ounce, with silver, platinum, and palladium also falling.

Read more at Yahoo Finance: Gold Slips as Traders Assess Fading US Interest Rate Cut Outlook