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(Bloomberg) — Gold staged a partial recovery following a run of losses as traders weighed conflicting views from Federal Reserve policymakers about the chance of more rate cuts.

Bullion rose as much as 0.9% to trade near $3,967 an ounce after falling almost 5% over the previous four sessions. Fed Chair Jerome Powell downplayed the likelihood of a December reduction after a widely expected quarter-point cut on Wednesday. Still, despite Powell’s unusually direct remarks, the vote marked the third straight meeting in which officials lodged dissents against the majority decision — a run not seen since 2019.

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The divisions at the Fed add to challenges for investors seeking signals on the path ahead for monetary policy, with the US government shutdown that began in early October creating a vacuum of official data. Higher interest-rates tend to pose a headwind for non-yielding gold.

The precious metal has retreated sharply following a scorching rally that drove prices to a record above $4,380 an ounce last week. Technical indicators had shown the ascent was overheated, while growing signs of progress in US-China trade relations have eroded bullion’s haven appeal.

Presidents Donald Trump and Xi Jinping are set to finalize a détente when they meet Thursday in South Korea, putting the world’s biggest trade fight on hold — at least for now. Initial signals indicate the leaders are readying a pact that could roll back some tariffs, fees and export restrictions either threatened or enforced in recent months.

Still, even after its recent pullback, gold has gained about 50% this year, supported by central-bank buying and interest in the so-called debasement trade, in which investors avoid sovereign debt and currencies to protect themselves from runaway budget deficits.

“The market has experienced a natural correction, but we continue to view this bull market as incomparable with prior bull markets in terms of the breadth and depth of potential monetary demand,” Sebastian Mullins, head of multi-asset and fixed income at Schroders, said in a note.

The surge had drawn institutional and retail buyers to gold-backed exchange-traded funds, although outflows this week have removed some of this support. Total gold ETF holdings fell for a fifth consecutive day on Tuesday — the longest streak of declines since May, according to data compiled by Bloomberg.

Lachlan Murdoch’s top adviser – News Corp’s Australian broadcasting chief Siobhan McKenna – has resigned from the company following the sale of the Foxtel Group to global sports streaming service DAZN.

As chief executive of broadcasting for News Corp, McKenna’s role had significantly diminished after the pay TV and streaming business, which includes Kayo, Binge and Hubbl, was sold to the European broadcaster in April.

A former partner at McKinsey & Company, McKenna was Murdoch’s key adviser in the epic family trust case, which saw him take control of his father’s global media empire and secure the future of the Australian stable of newspapers, magazines and news channels.

The 53-year-old businessperson was heavily involved in the negotiations with Rupert Murdoch’s three “objecting children” in the Nevada court case, which was settled in the US last month. The three oldest siblings received an estimated US$1.1bn each for their shares in the business.

McKenna will leave the company at the end of the year, staff were told by News Corp’s global chief executive, Robert Thomson, in an email on Thursday morning.

“Her decision, and it is her decision, is essentially epochal as Siobhan has been a transformational force during her years with News Corp,” Thomson said.

“The word ‘visionary’ is often abused, but not in Siobhan’s case, as her ability to perceive the future from the haze-shrouded shapes on the horizon is nonpareil. She is irreplaceable.”

McKenna and Lachlan set up the private investment company Illyria 20 years ago, having both great success with Nova Entertainment and significant losses when he took over the Ten network in 2012 before it went into voluntary administration in 2017.

The Albanese government appointed McKenna as chair of Australia Post in 2022, citing her commercial, strategic, digital and technology experience.

Thomson said McKenna navigated Sky News Australia and Foxtel through a “treacherous tech landscape” and made them into “global success stories”.

“The worth of Foxtel was instinctively appreciated by the global leader in sports streaming, DAZN, which recently acquired the company, and with whom we have an ongoing partnership,” he said.

“Sky was transformed from a traditional broadcaster to a digital powerhouse whose efficacious impact stretches far beyond the borders of Australia. The success of both companies marks a profound turning point for our company and a professional inflexion point for Siobhan.”

Lachlan is the chair of News Corp, the parent company of more than two dozen publications including the Wall Street Journal, The Times and the New York Post, after he succeeded his father in 2023 and executive chair and CEO of Fox Corporation.