Gold prices held steady on Wednesday, with investors awaiting the release of minutes from the Federal Reserve’s latest policy meeting and the U.S. jobs report, which could offer additional clarity on the central bank’s interest rate trajectory. Spot gold held steady at $4,069.44 per ounce, as of 0120. Gold futures in the U.S. for December delivery rose by 0.1%, hitting $4,069.50 per ounce. The dollar held its ground against the yen after reaching a 9-1/2-month high. An appreciating dollar raises the price of gold for those holding different currencies.

Data released on Tuesday indicated that the number of Americans receiving unemployment benefits hit a two-month high in mid-October, with ongoing claims for jobless benefits rising to 1.9 million in the week ending October 18. Traders currently estimate a nearly 49% probability of a rate cut during the Federal Reserve’s meeting on December 9-10, an increase from 46% observed on Tuesday, yet a decline from the 67% recorded last week, according to the reports. Gold, known for not generating interest, often shows strong performance in settings marked by low interest rates and times of economic instability.

Investors are currently looking forward to the release of the minutes from the Federal Reserve’s latest meeting, scheduled for later today, along with the September non-farm payrolls report, which is set to be published on Thursday after a delay due to the recent U.S. government shutdown. A survey of economists anticipates that the upcoming report will show an increase of 50,000 jobs added by employers over the month. Last month, the U.S. Federal Reserve lowered interest rates by 25 basis points; however, Chair Jerome Powell expressed a careful approach towards any additional rate cuts this year, partly due to a lack of sufficient data.

Global equity markets have seen a significant decline this week, with the S&P 500 enduring a four-day losing streak due to concerns over the valuations of AI stocks, while U.S. equity futures keep falling during Asian trading on Wednesday. Elsewhere, spot silver held steady at 50.70 per ounce, platinum fell by 0.3% to 1,529.90, and palladium dropped by 0.5% to 1,393.75.