WASHINGTON (dpa-AFX) - Gold rebounded on Wednesday after three consecutive days of losses. Spot gold rose 0.9 percent to $398.01 an ounce after falling more than 1.5 percent on Tuesday to its lowest level since October 30. U.S. gold futures were up 0.4 percent at $3,977.77 an ounce.
Bullion is attempting a rebound from nearly a one-week low hit the previous day amid a wider risk-off tone across financial markets due to rising concerns over overvalued equities and signs of a weakening U.S. economy.
As the U.S. government shutdown beats record set during President Trump's first term, traders await payroll processor ADP's report on private sector employment as well a report on U.S. service sector activity later in the day for more insights into the economic and rate outlook.
The U.S. dollar weakened slightly but held close to multi-month highs amid declining bets for near-term Federal Reserve interest rate cuts.
Following Federal Reserve Chair Jerome Powell's hawkish remarks last week, markets currently price in a 69 percent chance of a December rate cut, down from over 90 percent earlier.
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