Spot gold was up 1.2% at $4,116.26 per ounce, at 9:36 a.m. ET. U.S. gold futures for December delivery gained 1.3% to $4,117.10 per ounce.
“There’s safe haven buying that’s going on in the market right now.... The (job) numbers that have come out have been a little softer, and there are jitters in the equity markets,” said RJO Futures market strategist Bob Haberkorn.
Global shares stabilized on Wednesday, following another selloff driven by nerves over AI valuations, although the mood was cautious ahead of what could be make-or-break earnings from chip titan Nvidia and U.S. jobs data this week.
Meanwhile, data showed on Tuesday that the number of Americans receiving unemployment benefits stood at a two-month high in mid-October.
Markets will scrutinize the release of the Federal Reserve’s October meeting minutes at 2 p.m. ET today for clarity on policymakers’ stance on another rate cut. The central bank trimmed interest rates by 25 basis points at the meeting, but Chair Jerome Powell signalled caution on further cuts this year.
Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainty.
Also on tap is the release of September’s job report on Thursday, delayed due to the U.S. government shutdown, expected to provide an early gauge of economic health. Economists polled by Reuters expect the September employment report to show 50,000 jobs were added during the month.
Traders now see a 51% chance for a rate cut, compared to 46% earlier in the session, the CME FedWatch tool showed.
Elsewhere, spot silver rose 2.3% to $51.87 per ounce, platinum added 1.3% to $1,544.80, and palladium fell 0.5% to $1,396.50.