Gold Price Forecast: XAU/USD climbs above $4,050 amid risk-off sentiment

• Gold price rises to near  $4,070 in Wednesday's early Asian session. 
• Traders will closely monitor the delayed US NFP report for September, which is scheduled for release later on Thursday. 
• Hawkish US Fed comments might cap the Gold's upside. 

Gold price  XAU/USD attracts some buyers to around $4,070, snapping the three-day losing streak during the early Asian session on Wednesday. The precious metal rises amid the risk-off sentiment as traders brace for the long-awaited return of US economic data. The FOMC Minutes will be the highlights later on Wednesday, ahead of the US September Nonfarm Payrolls (NFP) report. 

US NFP reports for September and October 2025 were not released as scheduled due to a US government shutdown. The delay in employment data complicates the Federal Reserve's (Fed) decisions regarding interest rates ahead of its December meeting. This, in turn, could boost a traditional safe-haven asset like Gold. 

The US employment report for September is now expected to be released on Thursday. The US economy is projected to see 50,000 jobs added in September, while the Unemployment Rate is forecast to stay at 4.3% during the same period. If the report comes in weaker than expected, this could exert some selling pressure on the US Dollar (USD) and support the USD-denominated commodity price. 

On the other hand, hawkish remarks from the Fed officials tempered expectations of a December rate cut and might cap the upside for the yellow metal. Fed Vice Chair Philip Jefferson said on Monday that the Fed should proceed "slowly" with further rate reductions. Meanwhile, several Fed policymakers, including Atlanta Fed President Bostic and Kansas City Fed President Schmid, voiced concerns about inflation or signaled support for holding rates steady. 

Traders are currently pricing in a 46.6% chance of a 25 basis points (bps) rate cut in December, down from more than 60% last week, according to the CME FedWatch tool.