WASHINGTON (dpa-AFX) - Gold prices hovered near record levels on Thursday amid Fed rate cuts and U.S. government shutdown concerns.
Spot gold edged up by 0.3 percent to $3,875.23 per ounce in European trade, while U.S. gold futures were up 0.1 percent at $3,900.90.
The U.S. dollar struggled to end a four-day slide after a weak private-sector payrolls report showed a surprising decline of 32,000 private sector jobs in September, adding to bets the Federal Reserve will cut interest rates twice more this year.
Uncertainty from the U.S. government shutdown also boosted safe-haven demand for bullion.
The economic impact of the shutdown 'would depend on its scope and duration,' Fitch economists said.
The duration of the shutdown remains unclear, and analysts say the Trump administration may seize it as an opportunity to enforce massive workforce changes and budget cuts affecting Democrats.
Meanwhile, helping ease concerns over the Fed's independence, the Supreme Court said it would decide if President Donald Trump can remove Lisa Cook from the U.S. central bank.
In economic releases, U.S. reports on weekly jobless claims and factory orders are scheduled to be released later in the day, but the data is likely to be delayed due to the government shutdown.
Investors also await the crucial jobs report and the consumer price index for determining the Federal Reserve's next interest rate decision.
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