By Pablo Sinha
(Reuters) -Gold prices held steady on Thursday, as investors digested a delayed U.S. jobs report that showed better-than-expected September employment numbers for further cues on the Federal Reserve’s policy outlook.
Spot gold was up 0.1% at $4,083.95 per ounce, as of 9:25 a.m. ET (1425 GMT). U.S. gold futures for December delivery rose 0.1% to $4,083.30 per ounce.
The closely-watched Labor Department report, delayed due to the government shutdown, showed that September nonfarm payrolls increased by 119,000, more than double the estimated 50,000 gain.
“Despite the better-than-expected jobs print, there’s still a little bit of suspicion about the veracity of the data that’s going to be coming in from the shutdown,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold is steady because “the market was already pricing in the likelihood that a December rate cut was not going to happen,” Grant added.
Traders now see nearly a 36% chance for a rate cut next month.
Gold, a non-yielding asset, tends to do well in low-interest-rate environments.
Due to the shutdown, the Bureau of Labor Statistics has canceled the release of the October report, instead combining it with November’s figures. The combined report will be released on December 16, after the Federal Reserve’s next meeting.
Meanwhile, minutes from the Fed’s October meeting revealed on Wednesday that policymakers lowered interest rates despite warning that the move could heighten the risk of inflation and undermine public confidence in the central bank.
U.S. stock index futures extended gains on Thursday after the report. [.N]
Gold, a traditional safe haven, has risen 55% this year, hitting a record high of $4,381.22 on October 20.
Despite recent consolidation, UBS raised its 2026 mid-year gold target price by $300 to $4,500 per ounce, on expectations of Federal Reserve rate cuts, persistent geopolitical risks, and strong central bank and ETF demand.
Elsewhere, spot silver fell 0.7% to $51.02 per ounce, platinum fell 0.2% at $1,543.15 and palladium added 2.2% to $1,410.16.
(Reporting by Pablo Sinha in Bengaluru; Editing by Alexander Smith)
