(Bloomberg) — Gold slipped as traders awaited a key US jobs report that may influence the Federal Reserve’s next interest-rate decision.

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Economists estimate that US nonfarm payrolls, due Friday, rose by 218,000 in November, rebounding after two hurricanes and a now-ended strike lowered October numbers. The jobless rate is seen unchanged at 4.1%. The payroll figures are the next major data release before policymakers meet on Dec. 17-18 in Washington. Swaps markets are pricing in a 25 basis-point cut.

Earlier Thursday, data showed jobless claims rose to a one-month high during a week that included the Thanksgiving holiday. Fed Chair Jerome Powell said Wednesday he expects officials can move cautiously as they continue to lower rates.

The precious metal has been trading in a narrow range since early last week as investors look for fresh catalysts. It’s fallen 5% from a record high in late October, as the dollar rallied following Donald Trump’s election win and tensions eased in the Middle East. Still, prices remain 28% higher this year, supported by US rate cuts and central-bank buying.

Gold has scope to push higher next year, likely hitting a record, on the Fed’s move to cut rates and further buying by central banks, according to Macquarie Group Ltd. Prices are set to average $2,650 an ounce in the first quarter of 2025, it said.

Spot gold fell 0.3% to $2,640.93 an ounce as of 10:52 a.m. in New York. The Bloomberg Dollar Spot Index fell 0.3%. Copper inched lower, while aluminum and nickel fell. Silver, palladium and platinum also slipped.

–With assistance from Jack Ryan and Jason Scott.

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