Shutdown Eases & ADP Cools, Gold Wins
Gold strengthened for a third straight session on Tuesday, as the U.S. dollar weakened as U.S. lawmakers reached a deal late last week to reopen the government and private sector data from ADP showed a further cooling in the labor market.
Gold prices rose about 0.4% to $4,132 an ounce, the highest since October 24. They pared today's gains slightly as the U.S. bond market was closed for Veterans Day, allowing volatility to trade within a narrow range.
Republican senators reached a deal with some Democratic senators to end the 41-day U.S. government shutdown that has crippled the economy and slashed government spending. While the deal awaits House approval, government spending can resume, fueling concerns about the U.S. budget deficit.
A weaker dollar also supported the precious metal after ADP data estimated that U.S. private companies shed 11,250 jobs per week in the four weeks to October 25. The ICE dollar index was last seen down 0.27 points at 99.32, a fourth straight session of decline.
Source: Newsmaker.id
