Gold edges lower in early Asian trade on a likely technical correction. Front-month Comex gold for October settled 1.2% higher at a fresh record high on Monday.
However, gold's decline may be limited after overnight talks at the White House failed to make any breakthrough to avoid a government shutdown, which may support safe-haven demand for the precious metal.
Political uncertainty in Washington adds to gold's appeal, XTB MENA's Hani Abuagla says in an email. Persistent inflows and steady central bank buying have reinforced the precious metal's recent rally, the senior market analyst adds. Spot gold is 0.1% lower at $3,828.26/oz.
Source: Dowjonesnewswires.com
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