Gold Prices Steady Near $4,000 Amid US Shutdown, Job Cuts

Gold prices steadied near the $4,000 per ounce mark on Thursday, buoyed by safe-haven demand amid an extended U.S. government shutdown and signs of weakening employment, even as a softer dollar and falling Treasury yields provided additional support.

Spot gold traded around $3,985 after touching a daily high of $4,019 earlier in the session, marking a modest gain of over 0.1 percent. The metal retreated slightly from its peak but held above key support levels, reflecting investor caution in the face of political gridlock in Washington. The shutdown, now in its sixth week, has disrupted economic data releases and heightened uncertainty, prompting flows into non-yielding assets like gold. Republican House Speaker Mike Johnson expressed pessimism about resolving the impasse soon, stating that he is "less optimistic about the shutdown ending" and warning of potential further extensions.

Contributing to the bullish sentiment was a Challenger, Gray & Christmas report showing U.S. employers announced more than 150,000 job cuts in October, the largest monthly total in over two decades. The survey attributed much of the reductions to industries adapting to artificial intelligence-driven...