3 October 2025, 06:18 Gold: XAU on Track for 7th Weekly Gain.
Gold traded around $3,860 per ounce on Friday, aiming for its seventh consecutive weekly gain after hitting a fresh high earlier this week, supported by safe-haven demand and dovish expectations from the Federal Reserve. Investor appetite for safety has been heightened by the partial US government shutdown, which threatens thousands of federal jobs and could delay key economic data releases, including the crucial non-farm payrolls report. With the government skipping its weekly initial jobless claims and NFP report, data from a private outplacement firm drew extra attention. ADP payrolls fell for a second straight month - the first time since Q2 2020 - while JOLTS showed fewer quits and the Challenger report indicated slower hiring, reinforcing expectations for two more Fed rate cuts despite persistent inflation. Nevertheless, bullion came under slight pressure on Thursday after Dallas Fed President Lorie Logan urged caution on further interest rate reductions.
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