Gold surged above $3,890 an ounce on Wednesday (October 1), hitting a new record high as the US government shutdown boosted demand for safe-haven assets. Washington has suspended most operations after a partisan standoff prevented a funding deal between Congress and the White House, triggering a potentially prolonged impasse that threatens thousands of federal jobs.
Traders are closely monitoring the duration of the government shutdown, as it threatens to delay key economic data, including Friday's nonfarm payrolls report, which is seen as crucial ahead of the Fed's policy meeting in late October.
Meanwhile, US job openings edged higher in August while hiring slowed, signaling a cooling labor market that could give the Fed room to cut interest rates. Markets are now pricing in a near-certain rate cut this month and about a 76% chance of another rate cut in December. (alg)
Source: Trading Economics
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