**Gold Price Slips Amid US Jobs Data and Fed Outlook**
Gold prices (XAU/USD) declined to near $3,970 during Asian trading hours on Thursday, as traders digested the latest US economic data and speculated on the Federal Reserve’s future policy path.
The precious metal edged lower after upbeat private sector employment figures from the US, indicating some stabilization in the job market. According to data released by Automatic Data Processing (ADP) on Wednesday, private-sector payrolls rose by 42,000 in October, following a revised decrease of 29,000 in September. The ADP report is one of the few labor market indicators available during the ongoing US government shutdown, which has delayed the release of official economic data.
Stronger US jobs data buoyed the US Dollar (USD), making gold more expensive for foreign buyers and reducing global demand for the non-yielding yellow metal. Additionally, hawkish commentary from Federal Reserve officials could further undermine gold’s appeal. Fed officials, including Michael Barr, John Williams, Anna Paulson, Beth Hammack, Christopher Waller, and Alberto Musalem, are scheduled to speak later on Thursday and may offer further insights into the Fed’s monetary policy direction.
After the US central bank cut interest rates for the second consecutive meeting last week, Fed Chair Jerome Powell emphasized that there has been “very gradual cooling” in the labor market, but nothing more significant. He also clarified that another rate reduction at the Fed’s next meeting in December remains uncertain.
However, ongoing uncertainty surrounding the US federal government shutdown—the longest in US history—could lend support to safe-haven assets like gold. The Senate has yet to schedule a vote on a House-passed measure to reopen the government, after efforts to advance the bill failed for the 14th time on Tuesday.
As traders continue to weigh the impact of stronger US economic data, Fed policy direction, and the government shutdown, gold prices remain sensitive to shifting market sentiment and global developments.
https://bitcoinethereumnews.com/finance/xau-usd-edges-lower-below-4000-as-private-payrolls-rebound-in-october/
