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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.