Today's Edition
Washington (dpa-AFX)
Gold surged over 1% to a new record high past $3,900 an ounce on Monday as US shutdown worries added to the momentum from expectations of more Fed rate cuts.
Spot gold jumped 1.5% to $3,943.01 per industry-standard ounce in European trade while US gold futures were up 1.5% at $3,966.37.
Uncertainty caused by the US government shutdown buoyed safe-haven demand for the precious metal. The government shutdown entered its second week, with Democrats standing firm on health-care benefits and President Trump threatening layoffs and budget cuts.
Trump has threatened to institute mass firings of government workers as soon as Monday, when the Senate is scheduled to again vote on a stopgap spending measure.
On the economic front, a preliminary reading on US consumer sentiment for October, the release of minutes of the latest Federal Reserve meeting, and a scheduled address from several Federal Reserve officials, including Fed Chair Jerome Powell, will be in the spotlight as the week progresses.
Powell is due to deliver a speech at a banking conference in Washington on Thursday.
