Gold Holds Near Record on Fed Cut Bets, Safe-Haven Demand

Gold hovered around $3,860 per ounce on Thursday, staying close to its all-time high as investors priced in further Federal Reserve rate cuts and sought safety amid political and economic uncertainty.

An ADP report showed U.S. private-sector employment fell in September, the second straight monthly decline and the steepest since March 2023, bolstering expectations that the Fed may continue easing policy this year.

Meanwhile, the Labor Department said the release of September’s nonfarm payrolls report will be delayed due to the government shutdown, which has already forced a partial closure of federal operations and heightened safe-haven demand.

Adding some reassurance, the Supreme Court’s ruling on Fed Governor Lisa Cook eased concerns about the central bank’s independence and the likelihood of a dovish appointment.