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Gold prices advanced in Asian trading on Thursday, continuing a steady climb driven by persistent uncertainty surrounding the U.S. economic outlook. Despite U.S. lawmakers voting to end the nation’s longest-ever government shutdown, traders remained cautious, supporting renewed interest in safe-haven assets like gold.
Over the past week, gold has benefited from several weaker-than-expected U.S. labor market indicators, which initially strengthened expectations for a Federal Reserve interest rate cut in December. However, momentum eased in recent sessions as markets sharply reduced those rate-cut bets. Even so, ongoing central bank demand—particularly from China—has helped sustain bullion’s strength. Recent data revealed that the People’s Bank of China increased its gold reserves for the 12th consecutive month in September, reinforcing long-term confidence in the metal.
Spot gold rose 0.4% to $4,210.63 an ounce, while December gold futures hovered near $4,214.60. Analysts note that concerns over upcoming U.S. economic readings, likely to reflect the impact of the nearly 43-day shutdown, are also contributing to gold’s upward trend. President Donald Trump stated that the prolonged government halt cost the U.S. economy an estimated $1.5 trillion, adding to the uncertainty fueling safe-haven buying.
Other precious metals also saw gains, with spot silver jumping 1.7% to $54.1665 and platinum edging up 0.1% to $1,620.15. Despite traders lowering expectations for a December Fed rate cut—now projected at a 50.4% probability—metal markets remained supported by broader economic concerns.
Industrial metals followed suit, with copper prices strengthening on optimism surrounding the U.S. government’s reopening and renewed hopes for smoother business operations. Additional support came from China’s recent commitments to further economic stimulus under its new five-year plan, aiming to bolster industrial production and domestic growth. COMEX copper futures rose 0.7% to $5.1215 per pound, while benchmark LME copper gained 0.2% to $10,933.80 a ton.
Overall, gold and industrial metals appear poised to benefit from ongoing global economic uncertainty, central bank buying, and improving sentiment tied to both U.S. stability and China’s stimulus outlook.
