(Bloomberg) -- Gold steadied after the biggest gain in about a week, as traders assessed the outlook for US interest rates following private-sector jobs data.

Bullion held just above $3,980 an ounce, after rising 1.2% on Wednesday. Figures from ADP Research showed payrolls rose 42,000 after two months of decline. While tempering concerns of a faster deterioration, the modest increase is consistent with a general softening in labor demand.

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Federal Reserve Governor Stephen Miran described the increase in employment last month as a “welcome surprise,” but reiterated that rates needed to be lower. Miran has repeatedly called for looser policy, dissenting against decisions to lower the Fed’s benchmark rate by a quarter-percentage point in both September and October in favor of half-point moves.

Gold has surged by more 50% this year, hitting a record in October before losing some ground after a torrid rally. Rate cuts from the US central bank have helped to support prices, which have also been boosted by inflows into bullion-backed exchange-traded funds and elevated central-bank purchases.

“The metal is likely to remain range-bound in the near term,” said Hebe Chen, an analyst at Vantage Markets. “Steady, but waiting for its next macro spark.”

The Fed’s rate-setting Federal Open Market Committee is due to convene next month for its final scheduled meeting of 2025. At present, the longest government shutdown in US history has delayed key official data, making conditions across the world’s largest economy much harder to assess.

Gold was steady at $3,981.40 an ounce as of 10:46 a.m. in Singapore. The Bloomberg Dollar Spot Index edged lower. Silver, platinum and palladium were all little changed.

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