Gold held its ground beneath the US$4,100 threshold during Asian trade on Wednesday, with investors pausing after a robust rebound ahead of the release of the United States Federal Reserve’s October meeting minutes and the closely watched September nonfarm payrolls report due Thursday (Friday AEDT).
By 3:05 pm AEDT (4:05 am GMT), spot gold edged 0.2% higher to US$4,076.76 per ounce, extending its recovery from a three-day slide.
The safe-haven metal drew renewed support overnight as a global equity sell-off revived demand for traditional defensive assets.
The retreat in risk appetite earlier in the week followed mounting concerns about AI-driven overvaluation in technology stocks and a run of weaker U.S. labour indicators.
Data from ADP showed private employers shed an average of 2,500 jobs per week over the four weeks to 1 November, while a back-filled release from the U.S. Labor Department on Tuesday revealed a sharp rise in continuing jobless claims between mid-September and mid-October.
Adding to market caution, traders remained wary ahead of Nvidia’s quarterly earnings, scheduled for release after Wednesday’s U.S. closing bell.
Attention now turns to the Federal Reserve Minutes, which are expected to underscore a policymaking committee still divided over the path for interest rates, particularly in light of delays to key U.S. economic data releases.
A cautious tone from policymakers may complicate expectations for a December rate cut, with probabilities hovering at 48.9%, according to the CME Group FedWatch Tool.
