Gold rises locally and globally amid anticipation of the Fed minutes and growing concerns over a slowdown in the U.S. labor market

Gold prices recorded a notable increase in both local and global markets during Wednesday’s trading, amid broad anticipation of the minutes from the latest Federal Reserve meeting, at a time when signs of economic slowdown in the United States continue to grow, according to a report issued by the “iSagha” platform for gold and jewelry trading.

Saeed Embabi, CEO of the platform, said that gold in the local market rose by about 70 pounds compared to Tuesday’s closing prices, with the 21-karat gram reaching 5,490 pounds, while the global ounce price increased by roughly $28 to settle at $4,109.

He added that the price of 24-karat gold reached 6,274 pounds, while 18-karat recorded 4,706 pounds, and the gold sovereign (guinea) stabilized at 43,620 pounds.

The rise in gold prices comes amid a sharp wave of losses in global equity markets, as the S&P 500 index recorded a four-day losing streak, pressured by concerns over the valuations of artificial intelligence stocks.

This backdrop pushed investors to increase their exposure to safe-haven assets—led by gold—ahead of the release of the Fed meeting minutes and the non-farm payrolls report, which is scheduled for publication on Thursday after being delayed due to the government shutdown.

Analysts surveyed by Reuters expect the U.S. employment report for September to show the addition of only 50,000 jobs, amid increasing signs of labor-market weakness, after recent data showed that the number of Americans applying for unemployment benefits reached its highest level in two months by mid-October.

Growing doubts over a December rate cut

The Federal Reserve recently cut interest rates by 25 basis points, raising the target range to 3.75%–4.00%. However, Chair Jerome Powell emphasized that any additional rate cut in December “is not guaranteed.”

These remarks heightened caution in the markets. With Fed officials divided between inflation concerns and signs of economic slowdown, investor expectations for a December rate cut fell to 46.6%, according to the CME FedWatch tool, compared with 62.9% last week.

Labor-market data added further uncertainty, as the ADP report showed a decline in the average number of private-sector jobs by 2,500 per week over the four weeks ending November 1, while continuing jobless claims rose to 1.957 million—the highest level since early August.

Anticipation over the selection of a new Fed Chair

In this context, President Donald Trump said that his administration has already begun conducting interviews to select a new Chair of the Federal Reserve, noting that the decision will be finalized before the end of the year. The shortlist includes Kevin Hassett, Kevin Warsh, Christopher Waller, Michelle Bowman, and Rick Rieder.

Gold between risk-off support and policy-driven pressure

Gold continues to maintain its momentum amid declining risk appetite and market concerns over tech-sector valuations. However, expectations surrounding Federal Reserve policy remain a key factor shaping its movements in the coming weeks, especially with markets awaiting the October meeting minutes, which may provide critical signals regarding the interest-rate path through the end of the year.