Gold rises in the morning Asian session amid prospects of Fed rate cuts, which would enhance the appeal of the non-interest-bearing precious metal. Payrolls firm ADP estimated that the U.S. private sector was shedding 11,250 jobs a week in the four weeks through Oct. 25. Economic figures from alternative sources, like ADP's, have taken on greater weight during the government shutdown.
The recent weaker U.S. economic data make a Fed rate cut in December more likely, Commerzbank Research's Carsten Fritsch says in a note. "It is obviously expected that a significant slowdown in the U.S. economy will become apparent once data publication resumes," the commodity analyst adds. Spot gold is 0.4% higher at $4,142.53/oz.
Source: Bloomberg
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