Gold steadied as traders digested commentary from Federal Reserve policymakers for clues on the bank’s next move on interest rates.

Bullion was little changed below $4,000 an ounce, after swinging between gains and losses on Monday. Fed Governor Lisa Cook said she saw the risk of further labour-market weakness as greater than the risk that inflation will pick up, but stopped short of endorsing another rate cut next month. Her comments echoed remarks from two of her colleagues, Mary Daly and Austan Goolsbee.

The precious metal rallied to a record midway through last month before slumping amid concerns that the commodity’s advance had been too swift. Traders are seeking to gauge whether the upswing will resume, with part of the outlook shaped by the Fed, as easier US monetary policy makes

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