British News Agency

Spot gold slipped 0.1% to 4,077.13 dollars per ounce, while U.S. gold futures for December delivery fell 0.2% to 4,075.80 dollars per ounce.

In contrast, spot silver rose 0.2% to 51.44 dollars per ounce, platinum climbed 0.9% to 1,559.54 dollars, and palladium increased 1.1% to 1,395.37 dollars.

Market analysts commented: “Gold is currently under pressure because rate-cut expectations have weakened significantly over the past two weeks.” According to analysts, while this could keep gold subdued below the 4,100-dollar level in the short term, it may later trade below the 4,000–3,980-dollar range.

The U.S. dollar index rose to a two-week high against its rivals, making gold more expensive for holders of other currencies.

Minutes from the Fed’s October meeting, released on Wednesday, showed that policymakers cut rates despite warnings that such a move could entrench inflation and undermine public confidence in the central bank.

Market research indicates that investors now see only a 33% chance of a December rate cut, down from 49% on Wednesday. Gold typically performs well in low-interest environments and during periods of economic uncertainty.

The focus is now on the delayed U.S. non-farm payrolls report for September, postponed due to the recent government shutdown. The data is expected to offer further clues on the Fed’s policy direction. Economists predict the report will show around 50,000 new jobs created during the month.

Gold Trust, the world’s largest gold-backed ETF, reported that its gold holdings rose from 1,041.43 tonnes on Tuesday to 1,043.72 tonnes on Wednesday, an increase of 0.22%.