Gold prices remained steady after a strong increase in about a week, as traders assessed the US interest rate outlook after having private sector employment data.
Spot gold prices remained above $3,980/ounce, after rising 1.2% in the fourth session. Data from ADP Research shows that the private sector salary table increased 42,000 jobs after two consecutive months of decline.
This modest increase, although helping to reduce concerns about the weakening of the labor market, still reflects the trend of recruitment demand gradually cooling down.
Federal Reserve Governor Stephen Miran described last month's job gains as a "venient positive development" but stressed that interest rates need to be further lowered.
Mr. Miran has repeatedly called for a looser monetary policy and expressed his disagreement with the Fed's decisions to cut the key interest rate by just 0.25 percentage points for both September and October, when he supported a stronger cut of - 0.5 percentage points.
The Fed's interest rate cuts have helped support gold prices, while inflows into gold-backed ETFs along with strong net buying from central banks have also been factors driving the market.
This precious metal is likely to remain within a narrow range in the short term. "Stable, but waiting for the next macro boost," said Hebe Chen, an analyst at Vantage Markets.
The Federal Open Market Committee (FOMC) the Feds interest rate-based policy maker is expected to meet next month for its final meeting in 2025.
Currently, the longest-running US government shutdown in history is slowing the release of key economic data, making it more difficult to assess the situation of the world's largest economy.
In Singapore, at 10:46, spot gold prices moved sideways at $3,981.4/ounce. The Bloomberg Dollar spot index fell slightly, while silver, platinum and palladium prices remained almost unchanged.
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