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(Bloomberg) -- Gold held steady after a key US jobs report reaffirmed expectations that the Federal Reserve will cut interest rates this month.

Nonfarm payrolls increased 227,000 last month following an upwardly revised 36,000 gain in October, according to Bureau of Labor Statistics figures released Friday. Since the figures have been choppy lately, economists are keeping an eye on payrolls growth over the past three months, which averaged 173,000. The unemployment rate edged higher and wages rose by more than forecast.

Swap traders increased their bets on the chance of a rate cut at policymakers’ meeting on Dec. 17-18.

The figures support the Fed’s view that the job market remains solid yet no longer a big source of inflation. While price pressures have remained elevated in recent months, officials have begun reducing interest rates to give the economy a nudge and ensure hiring is sustained.

The readings didn’t “alter the prospect for a Fed rate cut” in two weeks, said Ole Hansen, head of commodities strategy at Saxo Bank. The US central bank’s monetary easing “will probably be joined by cuts” from Japan, the eurozone and Switzerland, and it’ll be “gold friendly” before activity dies down ahead of the holidays and year-end, according to Hansen.

Bullion has been trading in a narrow range since early last week after prices dropped from a record high in late October, as the dollar rallied following the US election victory of Donald Trump and tensions eased in the Middle East. Still, gold remains up by more than a quarter this year, supported by US rate cuts and central-bank buying.

Spot gold was little changed at $2,632.29 an ounce as of 9:27 a.m. in New York, on track for a 0.4% weekly decline. Silver, platinum and palladium edged lower.

--With assistance from Jack Ryan.