Gold Holds Above $4,210 as Weak Labor Data Boosts Fed Cut Bet

Gold edged above $4,210 per ounce on Thursday, hovering near a six-week high as expectations solidified for a Federal Reserve rate cut next week.

Fresh economic data strengthened the dovish outlook. November ADP employment showed a surprise decline of 32,000 private-sector jobs, far below the expected 10,000 gain and marking the third drop in four months. It also signaled the sharpest hiring slowdown since 2023, underscoring concerns about a cooling U.S. labor market.

The data aligned with recent dovish commentary from Fed officials, who have highlighted the need to respond to weakening job growth. In turn, rate-futures markets priced in nearly a 90% probability of a 25 bps cut at next week’s meeting.

Investors now await the delayed September PCE report on Friday, which could further refine expectations for monetary policy.

Adding modest support to bullion was a geopolitical risk premium, after U.S.–Russia talks on the Ukraine conflict ended without progress.