Gold shed gains as traders weighed the prospect of an end to the US government shutdown and weak jobs data. The record-breaking 42-day government shutdown is set to end soon after the Senate passed a stopgap funding measure supported by eight centrist Democrats. The reopening of the government now hinges on the Republican-controlled House of Representatives, which plans to return to Washington on Wednesday. Meanwhile, US companies lost an average of 11,250 jobs per week in the four weeks ending October 25, according to data released Tuesday by ADP Research. The figures suggest the labor...
Gold prices hit a nearly three-week high on Tuesday (November 11), boosted by expectations that a potential end to the US government shutdown and a restart of economic data could pave the way for the Federal Reserve to cut interest rates next month. Spot gold prices rose 0.3% to $4,126.77 an ounce at 3:13 p.m. ET (2013 GMT), after earlier hitting their highest level since October 23. US gold futures for December delivery fell 0.1% to $4,116.30 an ounce. Gold, traditionally considered a safe-haven asset, also tends to benefit in a low-interest-rate environment because it is a non-yielding...
Oil prices rose by about $1 on Tuesday (November 11), boosted by the impact of the latest US sanctions on Russian oil and optimism over a potential end to the US government shutdown, although oversupply concerns capped gains. Brent crude futures closed up $1.10, or 1.72%, at $65.16 a barrel. US West Texas Intermediate crude rose 91 cents, or 1.51%, to $61.04 a barrel. Investors continue to monitor the impact of US sanctions on Russia and their impact on crude and refined fuel markets. Russia's Lukoil (LKOH.MM), opens a new tab, declared force majeure at an Iraqi oilfield it operates,...