Spot gold was up 0.4% at $4,072.37 per ounce after hitting its lowest level since November 10 earlier in the session

Gold prices rose from a one-week low on Tuesday, supported by soft U.S. employment numbers, while investors assessed the likelihood of a central bank rate cut in December ahead of more delayed data releases this week.

Spot gold was up 0.4% at $4,072.37 per ounce at 1900 GMT after hitting its lowest level since November 10 earlier in the session.

Data on Tuesday showed that the number of Americans receiving unemployment benefits stood at a two-month high in mid-October, with continued claims for jobless benefits rising to 1.9 million in the week ended October 18.

The data is slightly boosting market hopes for a December rate cut. This is helping gold and silver, which are trying to break a three-day losing streak, said Tai Wong, an independent metals trader.

Markets now see nearly a 50% probability for a rate cut at the U.S. central bank’s December 9-10 meeting, up from 46% earlier on Tuesday, but lower than the 67% seen last week, according to CME Group’s FedWatch tool.

Prices dropped more than 3% on Friday and 1% on Monday as investors scaled back bets on another U.S. rate cut this year.

Markets now await the minutes from the bank’s October 28-29 meeting, due to be released on Wednesday, and the U.S. Labor Department’s monthly employment report for September, which will be released on Thursday after being delayed due to the recent U.S. government shutdown.

Elevated official demand for gold is expected to continue for the foreseeable future, “supporting a strategically bullish bias and upside to our average price forecast of $4,000/oz for next year,” Deutsche Bank analysts said in a note.