Gold stalls below record highs as US Dollar steadies
Gold (XAU/USD) trades with a negative bias on Thursday, consolidating recent gains after posting a fresh all-time high near $3,895 on Wednesday. At the time of writing, XAU/USD trades around $3,865, easing during the American session after briefly retesting the all-time peak.
The fundamental backdrop still leans supportive. The United States (US) government shutdown is stoking safe-haven interest, while growing conviction that the Federal Reserve (Fed) will cut interest rates later this month is keeping Treasury yields subdued, which bolsters the case for holding the non-yielding metal.
Near term, focus remains on the US government shutdown, with disruptions already delaying key economic data releases. The weekly Initial Jobless Claims and August's Factory Orders, scheduled for this Thursday, will be delayed. The Bureau of Labor Statistics (BLS) confirmed on Monday that it will suspend operations during the shutdown, meaning Friday’s Nonfarm Payrolls (NFP) report is not likely to be released either.
Source: Fxstreet