Overview

• Spot gold traded near $3,865 per ounce after touching $3,895 in Asian dealings, keeping the metal within sight of the $3,900 mark.
• A partial U.S. government shutdown has weakened the dollar and delayed key economic releases, sustaining demand for safe assets.
• ADP reported a 32,000 drop in September private payrolls, pushing market-implied odds of an October Federal Reserve rate cut to roughly 97–99%.
• New White House tariffs, including rates up to 100% and a 25% levy on products such as kitchen cabinets and upholstered furniture, heightened inflation and trade-risk concerns.
• Persistent central-bank accumulation led by China and strong interest in precious-metals ETFs, with silver around $47 and at multi-year highs, underpin the rally even as analysts warn of overbought conditions.