Bengaluru – Gold prices rose further to hit a fresh high on Sept 30 and were poised for their best month in 14 years, as fears of a potential US government shutdown and growing expectations of further US interest rate cuts boosted demand for the safe-haven metal.<\/p>\n
Spot gold was up 0.2 per cent at US$3,842.76 per ounce, as at 0123 GMT (9.23am Singapore time). Bullion has risen 11.4 per cent so far in September, on track for its best month since August 2011.<\/p>\n
US gold futures for December delivery gained 0.4 per cent to US$3,872.<\/p>\n
US President Donald Trump and his Democratic opponents appeared to make little progress at a White House meeting aimed at heading off a government shutdown that could disrupt a wide range of services as soon as Oct 1.<\/p>\n
Recent economic data has also lifted expectations for further Federal Reserve rate cuts in 2025, with traders pricing in a roughly 89 per cent chance of a 25-basis-point reduction at the next Fed meeting\u00a0on Oct 28-29, according to CME Group\u2019s FedWatch tool.<\/p>\n
St Louis Federal Reserve president Alberto Musalem said he was open to further rate cuts but the Fed must be cautious and keep rates high enough to continue to lean against inflation.<\/p>\n
Gold, often used as a safe store of value during times of political and financial uncertainty, thrives in a low interest rate environment.<\/p>\n
Investors now await US data on job openings, private payrolls, the ISM manufacturing purchasing managers\u2019 index (PMI) and non-farm payrolls report for further clues on the economy\u2019s health.<\/p>\n
But the US Labour Department confirmed on Sept 29 that its statistics agency would suspend economic data releases, including the closely watched monthly employment report for September that was due on Oct 3, in the event of a partial government shutdown. REUTERS<\/p>\n
Commodity marketUnited StatesUS politics<\/p>\n","protected":false},"excerpt":{"rendered":"Bengaluru – Gold prices rose further to hit a fresh high on Sept 30 and were poised for…\n","protected":false},"author":2,"featured_media":169605,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,467,56,54,55],"class_list":["post-169604","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/169604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=169604"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/169604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/169605"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=169604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=169604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=169604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}