Gold climbed toward $4,150 per ounce on Wednesday, nearing a two-week high after delayed U.S. economic data boosted expectations of a December Federal Reserve rate cut.

Retail sales slowed to just 0.2% growth in September, while producer prices stayed broadly in line with forecasts, reinforcing signs of cooling momentum. Several Fed officials have also indicated support for a cut due to labor-market weakness, driving market odds of a 25 bps cut above 80%, up from 50% a week earlier.

Gains were capped by easing geopolitical tensions, as Ukraine agreed to a plan aimed at ending the war with Russia, reducing safe-haven flows into gold.