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(Bloomberg) -- Gold wavered after a three-day gain, with traders awaiting clues from economic data set to follow the US government’s return from its longest-ever shutdown.

Bullion traded little changed above $4,100 an ounce, having pared gains made earlier on Wednesday. The latest private jobs data pointed at weakness in the American labor market, enhancing the likelihood of further rate cuts by the Federal Reserve.

But investors are also cautious as the government shutdown, which has lasted more than 40 days, approaches its likely end. With the Senate having approved a temporary spending package backed by a group of eight centrist Democrats, the reopening now depends on the Republican-controlled House, which plans to return to Washington on Wednesday to consider the proposal. The dollar edged up after five days of losses.

Gold has pulled back from last month’s record high above $4,380, with investors taking profits from a rally some feared had gone too far, too fast. In a sharp reversal, gold-backed exchange-traded funds have booked three straight weeks of net outflows, according to data compiled by Bloomberg.

But the precious metal – up more than 55% this year – remains on track for its best annual performance since 1979, supported by a number of factors including elevated central-bank buying.

Bullion’s recent rebound above $4,100 reflected a deeper unease beneath the general optimism around the government’s reopening, said Hebe Chan, an analyst at Vantage Markets in Melbourne.

“The lingering ripple effects from the longest government shutdown in US history have likely left a lasting mark, keeping safe-haven demand for gold alive despite the broader risk-on mood,” she said.

The resumption of economic data releases could also make the case for increased wagers on Fed rate cuts — a tailwind for gold, which doesn’t pay interest.

Bullion would likely consolidate further before its next push higher in 2026, said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “We could see more broadening of the US equity market as flows are diverted from overbought assets, such as gold and AI names, to those that have been out of favor,” she added.

Gold was flat at $4,124.99 an ounce as of 10:21 a.m. London time. The Bloomberg Dollar Spot Index was up 0.2%. Silver rose, while palladium and platinum were steady.

--With assistance from Jack Ryan.