Gold Hits Fresh Record
Gold climbed toward $3,890 per ounce on Wednesday, setting a fresh record high as the US government shutdown boosted demand for safe-haven assets.
Washington has suspended large parts of its operations after partisan gridlock blocked a funding deal between Congress and the White House, sparking a potentially prolonged standoff that threatens thousands of federal jobs.
Traders are closely monitoring its duration, with the shutdown already delaying key economic data, including Friday’s nonfarm payrolls report, viewed as critical ahead of the Fed’s late-October policy meeting.
Meanwhile, US job openings edged higher in August while hiring slowed, signaling a cooling labor market that could give the Fed room to cut rates.
Markets are now pricing in a near-certain rate reduction this month and about a 76% chance of another cut in December.
Source: Trading Economics
