Gold prices edged down in Asian trading on Thursday, weighed by profit-taking even as investors grew more confident that the Federal Reserve will cut interest rates next week.

Spot gold was last down 0.3% at $4,191.55 an ounce by 02:28 ET (07:28 GMT). U.S. Gold Futures for February delivery also slipped 0.3% to $4,219.46.

US data support Fed easing bets

The decline came even as markets priced in a nearly 90% chance of a 25-basis-point rate cut at the Fed’s December 9–10 meeting, according to the CME FedWatch tool.

The latest data in the U.S. bolstered sentiment toward a rate cut. Private payrolls shrank by 32,000 in November according to the ADP employment report -- a notable downturn from October’s revised 47,000-job gain and far short of expectations for positive growth.

Meanwhile, the Institute for Supply Management (ISM) services index showed modest expansion in November, but underlying data suggested cooling.

Investors now await a more definitive signal from the delayed September Personal Consumption Expenditures Price Index (PCE), the Fed’s preferred gauge of inflation, due Friday, to better confirm how aggressive any rate cut might be.

Adding to the uncertainty are media reports that the Trump administration abruptly cancelled interviews with several candidates to succeed Jerome Powell, strengthening speculation that Kevin Hassett could emerge as the next Fed chair.

Those reports have bolstered expectations of a more dovish Fed stance under new leadership, a development that could favour non-yielding assets such as gold.

Metal markets dip

Other precious and industrial metals traded lower on Thursday as investors squared positions ahead of the Fed decision.

Silver futures fell 1% to $58.00 per ounce, while Platinum Futures dropped 1.3% to $1,661.60/oz.

Benchmark Copper Futures on the London Metal Exchange edged down 0.2% to $11,455.260 a ton, while U.S. Copper Futures were unchanged at $5.39 a pound.