Nov 19 (Reuters) - Gold prices were steady on Wednesday,
as 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.
FUNDAMENTALS
* Spot gold was flat at $4,069.44 per ounce, as of
0120 GMT. U.S. gold futures for December delivery edged
0.1% higher to $4,069.50 per ounce.
* The dollar held gains against the yen after
reaching a 9-1/2-month high. A stronger dollar makes gold more
expensive for other currency holders.
* Data showed on Tuesday that the number of Americans
receiving unemployment benefits stood at a two-month high in
mid-October, with continued claims for jobless benefits rising
to 1.9 million in the week ended October 18.
* Traders now see nearly a 49% chance for a rate cut at the
Fed's December 9-10 meeting, up from 46% on Tuesday, but lower
than the 67% seen last week, CME Group's FedWatch tool showed.
* Non-yielding gold tends to do well in a low-interest-rate
environment and during times of economic uncertainties.
* Investors now await minutes from the Fed's latest meeting,
due to be released later in the day, and the September non-farm
payrolls report, which will be released on Thursday after being
delayed due to the recent U.S. government shutdown.
* Economists polled by Reuters expect the report will show
that employers added 50,000 jobs during the month.
* Last month, the U.S. Fed lowered interest rates by 25
basis points, but Chair Jerome Powell signalled caution over
another rate cut this year, in part due to the lack of data.
* 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 and U.S. equity futures
extending losses in Asian trading on Wednesday.
* Elsewhere, spot silver was flat at $50.70 per
ounce, platinum fell 0.3% to $1,529.90, and palladium
slipped 0.5% to $1,393.75.
DATA/EVENTS (GMT)
0700 UK Core CPI, CPI YY October
0700 UK CPI Services MM, YY October
1000 EU HICP Final MM, YY October
1330 US International Trade $ August
(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry
Jacob-Phillips)
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