By Noel John and Pablo Sinha
-Gold prices edged up on Thursday, buoyed by a weaker dollar and a resurgence of safe-haven demand on concerns over a prolonged U.S. government shutdown and uncertainty over the legality of tariffs.
Spot gold was up 0.1% at $3,984.48 per ounce by 11:07 a.m. ET . U.S. gold futures for December delivery was steady at $3,992.10 per ounce.
The dollar fell 0.4% after hitting a four-month high in the previous session, making gold cheaper for other currency holders. Benchmark U.S. 10-year Treasury yields were down 1.6%. [USD/]
With the U.S. government shutdown and skepticism from U.S. Supreme Court justices on the legality of U.S. President Donald Trump’s sweeping tariffs, “we’re seeing a revival of the haven bid,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
” is on track for a fairly decent close to the year … I’d say a year-end target in the $4,300 to $4,400/oz range seems reasonable.”
Gold is considered a hedge during times of uncertainty. The non-yielding asset also benefits in low-interest rate environments.
The U.S. Federal Reserve cut interest rates for the second time last week, with markets anticipating a 69% chance of another cut in December. [FEDWATCH]
A slew of Fed officials scheduled to speak later in the day may offer clues on the monetary policy outlook.
U.S. private employers added 42,000 jobs in October, above Reuters’ forecast of a 28,000 gain, the ADP report showed on Wednesday.
“It would surprise us were gold to stay rangebound around $4,000/oz as speculative capital exits, with central bank buying remaining the primary positive tailwind going forward,” SP Angel said in a note.
Elsewhere, spot silver fell 0.3% to $47.94 per ounce, platinum was down 2.3% at $1,526.55, and palladium fell 2.8% to $1,379.44.
This article was generated from an automated news agency feed without modifications to text.
