Gold surges 0.5% amid US government shutdown and Fed rate bets 📈

Key takeaways

The political crisis in the US and rising geopolitical tensions are supporting gold prices.
Prediction market Kalshi suggests the government shutdown will last around 15 days.
BofA Global Research has shifted its forecast for a Fed rate cut from December this year to October.

Key takeaways

The political crisis in the US and rising geopolitical tensions are supporting gold prices.
Prediction market Kalshi suggests the government shutdown will last around 15 days.
BofA Global Research has shifted its forecast for a Fed rate cut from December this year to October.

Gold is gaining over 0.5% while the US dollar weakens. Expectations for Federal Reserve rate cuts are rising amid a weakening labour market and the absence of NFP data, caused by furloughed government staff at the BLS.

Anticipation that the Fed may ‘not want to risk’ delaying a lifeline for the labour market after weak ADP figures is boosting demand for safe havens, weighing on the dollar.
BofA Global Research has shifted its forecast for a Fed rate cut from December this year to October.
Prediction market Kalshi suggests the government shutdown will last around 15 days.

As a result, gold continues its strong rally, approaching $3,900 per ounce. The RSI on the daily chart has surpassed 80, aligning with several previous local peaks in the metal’s price.

Source: xStation5

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