Gold prices were largely unchanged on Wednesday (Nov 19) as investors looked ahead to the release of minutes from the US Federal Reserve’s latest policy meeting and an upcoming US jobs report, both expected to offer further clues on the central bank’s interest rate outlook.
Spot gold hovered at US$4,069.44 per ounce at 9:20 a.m., while US gold futures for December delivery inched up 0.1% to US$4,069.50.
The US dollar held firm against the yen after touching a nine-and-a-half-month high, making bullion more expensive for buyers using other currencies.
Data released Tuesday showed continued claims for unemployment benefits rose to 1.9 million in the week ended Oct 18, the highest in two months, indicating some cooling in the labour market.
Market pricing now reflects a nearly 49% probability of a rate cut at the Fed’s Dec 9–10 meeting, slightly above Tuesday’s 46%, though still below the 67% odds seen last week, according to CME Group’s FedWatch tool.
Gold, which does not yield interest, typically benefits from a lower-rate environment and periods of economic uncertainty.
Investors are now awaiting the Fed minutes due later in the day, as well as the delayed September non-farm payrolls report set to be released on Thursday. Economists surveyed by Reuters expect employers added around 50,000 jobs last month.
The Fed cut rates by 25 basis points in its most recent policy decision, though Chair Jerome Powell signalled a cautious stance toward further easing this year, citing limited data flow due to the recent government shutdown.
Global equities have turned sharply lower this week, with the S&P 500 on a four-day losing streak amid concerns over elevated AI stock valuations. US equity futures also extended losses during Asian trading on Wednesday.
In other precious metals, spot silver was steady at US$50.70 per ounce, platinum dipped 0.3% to US$1,529.90, and palladium declined 0.5% to US$1,393.75.
