Gold subdued as dollar firms; spotlight on Fed minutes, US jobs data

Gold edged lower on Wednesday due to a stronger dollar, while investors awaited minutes from the Federal Reserve’s latest policy meeting and U.S. jobs report that could shed more light on the central bank’s interest rate trajectory. Spot gold was down 0.2% at $4,059 per ounce, as of 0201 GMT. U.S. gold futures for December delivery edged 0.1% lower to $4,061.60 per ounce. “Gold has somewhat had its momentum thwarted by the stronger USD and doubts about when the next Fed rate cut may arrive,” said KCM Trade Chief Market Analyst Tim Waterer. “However a bout of risk aversion in the market has kept gold in the frame for investors as a safety play, which has limited the slide.”The dollar was up 0.1% against its rivals. A stronger dollar makes gold more expensive for other currency holders. Global equity markets have turned sharply negative this week, with the S&P 500 on a four-day losing streak on concerns about valuations of AI stocks.