Gold prices held steady on Monday, capped by a stronger U.S. dollar as investors scaled back expectations for further Federal Reserve rate cuts. Easing U.S.-China trade tensions also dampened demand for the safe-haven metal.

Spot gold was little changed at $4,000.65 per ounce as of 0504 GMT, while U.S. gold futures for December delivery edged up 0.4% to $4,010. The metal has fallen about 9% from its record high of $4,381.21 on October 20, weighed by a dollar near a three-month peak.

“Gold lacks upside momentum as technical resistance and a firm dollar limit gains,” said Kelvin Wong, senior market analyst at OANDA.

The Fed’s 25-basis-point rate cut on October 29—its second this year—was followed by hawkish remarks from Chair Jerome Powell, tempering hopes for more easing in 2025. Traders now see a 71% chance of another rate cut in December, down from over 90% before Powell’s comments, according to CME’s FedWatch Tool.

Gold typically benefits from lower rates and economic uncertainty, but easing U.S.-China tensions have shifted investor focus toward risk assets. Last week, President Donald Trump said tariffs on China would be trimmed in exchange for Beijing’s concessions on fentanyl trade, soybean imports, and rare earth exports.

Among other precious metals, silver rose 0.2% to $48.75, platinum gained 1.5% to $1,590.86, while palladium slipped 0.1% to $1,432.18.