Gold futures slipped near $4200 per ounce on Tuesday as traders booked profits after Monday's one-month high. Expectations for a 25bps US interest rate cut next week remain strong, supported by weak US manufacturing data and dovish Fed comments. Markets now await Fed Chair Jerome Powell's remarks for fresh cues on the policy path. Despite the pullback, bullion continues to find support from a sharply weaker US dollar, which is down nearly 10% this year. On MCX, February gold futures dipped 0.3% to ₹130278 per 10 grams, moving closer to the all-time high of ₹134024 seen in mid-October. Investors will also watch the November ADP jobs data and the delayed September PCE report later this week.

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