Gold climbs during the North American session on Tuesday yet remains below the record high hit in the Asian session of $3,871. Amid fears of a US government shutdown, jobs data reaffirmed expectations of rate cuts by the Federal Reserve (Fed). XAU/USD trades at $3,846, up 0.35%.
Bullion steadies as US Dollar weakness underpins safe-haven demand
The latest Job Openings and Labor Turnover Survey (JOLTS) revealed by the Bureau of Labor Statistics (BLS) showed that US vacancies increased slightly but exceeded estimates. Meanwhile, the Conference Board's Consumer Confidence showed that Americans are growing pessimistic regarding current business and labor market conditions.
Bullion's rally is being boosted by broad US Dollar weakness, amid a looming federal government shutdown. In the meantime, US President Donald Trump said that he had a good discussion with Democratic Congressional leaders Schumer and Jeffriesbut said to expect a government shutdown.
The US Bureau of Labor Statistics (BLS) revealed on Monday that a shutdown would delay the announcement of jobs data.
Expectations that the Fed would reduce rates at the October 29 meeting remain high, standing at 96% for a 25-basis-point rate cut and a 4% chance of holding rates unchanged.
Ahead the docket will feature a flurry of Fed speakers, US ADP National Employment Change, the ISM Manufacturing PMI, Initial Jobless Claims and Nonfarm Payrolls for September.
Source: Fxstreet
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