Gold prices stayed steady on Tuesday, holding on to gains made after a jump on Monday. Why all the excitement? Traders are getting hopeful! Softer-than-expected U.S. retail sales data is making many believe the Federal Reserve will cut interest rates in December. That's good news for gold lovers! The spot gold price was flat at $4,139.79 per ounce by early afternoon ET but had earlier reached its highest point since November 14. On Monday alone, gold shot up nearly 2% after some U.S. central bank policymakers hinted at a possible third rate cut this year during their December 9-10 meeting. Meanwhile, U.S. December gold futures closed 1.1% higher at $4,140 per ounce. Peter Grant, vice president and senior metals strategist at Zaner Metals, said, "There's revived hope for a December rate cut based on recent dovish Fed speak, and this (data) doesn't seem to be changing that." What about the data? U.S. retail sales in September increased less than expected, slowing down a recent streak of strong numbers. Plus, the Producer Price Index climbed 2.7% over the last 12 months through September, the same as August's rise. Markets now see an 85% chance of a Fed rate cut next month, up from 50% last week, and a 65% probability of another cut in January, according to CME Group data. Fed Governor Stephen Miran on Tuesday echoed this sentiment, saying a weakening job market calls for more rate cuts. Fed Governor Christopher Waller shared similar views on Monday. Gold, which does not earn interest, usually shines when interest rates drop and during uncertain global or economic times. Ricardo Evangelista, analyst at ActivTrades, summed it up: "The underlying conditions of ongoing economic uncertainty, geopolitical turbulence and dovish Fed expectations continue to support gold prices (in the near term)." Curious about other metals? Spot silver slipped 0.3% to $51.21 per ounce. Platinum nudged up 0.2% to $1,546.42, and palladium gained 0.1% to $1,397.49. So, all eyes remain on the Fed and the shiny yellow metal as December approaches!