Gold price rises slightly as investors await Fed minutes, US jobs data

Gold prices rose slightly on Wednesday as investors positioned themselves ahead of key U.S. economic updates that could influence the Federal Reserve’s next move on interest rates.

Spot gold gained 0.2 percent to $4,074 per ounce by 0449 GMT, while December U.S. gold futures were trading at $4,074.40 per ounce, reflecting a similar increase.

Analysts said gold has struggled to gain strong momentum amid a firm U.S. dollar and uncertainty over the timing of future rate cuts. Tim Waterer, chief market analyst at KCM Trade, noted that cautious sentiment has kept gold attractive to investors seeking safety, limiting sharp declines.

The dollar strengthened 0.1 percent against a basket of major currencies, which tends to make gold more expensive for holders of other currencies. Global equity markets also weighed on sentiment, with the S&P 500 on a four-day losing streak, driven by concerns over AI stock valuations.

All eyes are now on the release of the Federal Reserve’s latest policy meeting minutes later today, followed by the September U.S. non-farm payrolls report, which was delayed due to the recent government shutdown. Economists surveyed by Reuters expect the report to show an increase of 50,000 jobs for the month.

Recent data revealed that Americans filing for unemployment benefits reached a two-month high in mid-October. Last month, the Fed cut interest rates by 25 basis points, but Chair Jerome Powell signalled caution over further reductions this year, citing insufficient data to guide decisions. Traders currently see roughly a 49 percent chance of another rate cut at the Fed’s December meeting, according to CME Group’s FedWatch tool.

Gold, which does not yield interest, often performs well when rates are low or economic uncertainty rises. Other precious metals saw mixed movements, with spot silver climbing 0.4 percent to $50.90 per ounce, platinum slipping 0.2 percent to $1,533.82, and palladium gaining 0.6 percent to $1,409.19.

Gold price in Pakistan

Gold prices in Pakistan fell on Tuesday (November 18), with 24-karat gold trading at Rs423,662 per tola, down Rs7,000.

The price of 24-karat gold per 10 grams also dropped by Rs6,002, reaching Rs363,221, according to rates released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

Meanwhile, 22-karat gold was quoted lower at Rs332,964 per 10 grams.