Gold prices barely moved in Asian trade on Wednesday following a steep decline from record highs this week. Traders are now looking for other clues regarding when Fed may start cutting interest rates.

Spot gold advanced by 0.1% to $2,021.61 per ounce, meanwhile gold futures added 0.1% to $2,039.00 per ounce.

Some prospects for a softening labor market were raised by an October JOLTs job openings reading that was lower than anticipated. However, the primary attention remained on the nonfarm payrolls figure for November, which is scheduled for this Friday.

Due to surge in Middle East tensions and Fed Chair Jerome Powell's statements that seemed to be less hawkish, gold kicked off the week at record highs of nearly $2,100 per ounce.

However, it soon experienced a significant decline from the record highs as the dollar gained some ground due to Fed ambiguity. The price of an ounce of gold was still considerably above $2,000.

Even though investors were positive that the Fed wouldn't hike interest rates any further, they weren't sure when the central bank would start lowering rates.