Gold prices held steady above the $4,200 mark on Thursday, bolstered by underwhelming private payrolls data that heightened expectations for a U.S. interest rate cut at the upcoming Federal Reserve monetary policy meeting. Spot gold held steady at $4,207.56 per ounce, as of 0104. Gold futures in the U.S. for December delivery rose by 0.1%, hitting $4,237.50 per ounce. In November, U.S. private payrolls saw a drop of 32,000 jobs, according to Wednesday’s ADP employment report, missing economists’ predictions that expected an increase of 10,000 jobs.

Reports shows an 89% chance that the U.S. central bank will make a rate cut next week, with major brokerages also forecasting a decrease during the policy meeting set for December 9-10. Investors are anticipating the delayed September Personal Consumption Expenditures Index, which is the Federal Reserve’s preferred gauge of inflation, set to be released on Friday to provide more insight into the central bank’s direction concerning monetary policy.

On Thursday, the dollar hit a five-week low after economic data came in below expectations, strengthening the view that the Fed may cut interest rates in the near future. Typically, reduced interest rates are advantageous for non-yielding assets such as gold. Meanwhile, U.S. President Donald Trump stated that he plans to announce his choice for the successor to Jerome Powell as chair of the Federal Reserve early next year.

SPDR Gold Trust, known as the largest gold-backed exchange-traded fund in the world, announced a reduction in its holdings by 0.16%, resulting in a total of 1,046.58 metric tons on Wednesday, down from 1,048.29 tons on Tuesday. Elsewhere, silver fell by 0.2% to $58.39 per ounce, platinum decreased by 0.8% to $1,657.70, and palladium slipped by 0.9% to $1,446.50.