NEW YORK: Gold rose on Friday as expectations of more interest rate cuts by the Federal Reserve and concerns over the US economic outlook amid a prolonged government shutdown buoyed demand.
Spot gold was up 0.6 percent at USD3,999.89 per ounce, as of 1148 GMT. US gold futures for December delivery gained 0.4 percent to USD4,008.20 per ounce. “The bull run is still in place,” said independent analyst Ross Norman.
“The underlying themes attached to gold price strength remain very much in place, which is to say central bank gold buying and rate cut prospects” The US economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting measures and the adoption of artificial intelligence by businesses led to a surge in announced layoffs, data showed on Thursday.
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