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Gold Prices Near Highs as Government Shutdown Risk Sparks Safe-Haven Demand

Investing.com – Gold prices traded close to four-month high amid US government shutdown fears but rising US yields capped upside momentum.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange fell by $6, or 0.45%, to $1,333.20 a troy ounce.

The prospect of a government shutdown stoked support for safe-haven demand, lifting gold prices near four-month highs but gains were capped amid a rise in treasury yields, and reports suggesting that president Donald Trump invited Senate minority leader Chuck Schumer to the White House to work out a deal to avoid a government shutdown.

Senate Minority Leader Chuck Schumer will go to the White House on Friday to meet with President Donald Trump about a possible deal to avoid a government shutdown, CNBC reported, citing a source familiar with the meeting.

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Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

The fall in gold comes amid comments from Macquarie warning that the risks of a reversal in gold prices are rising, as it is “harder for gold to ignore the impressive snapback in real yields” since the turn of the year.

The bank said $1,320 to $1,325 is the support zone for gold prices, adding that the market will likely find buyers around these levels.

In other precious metal trade, silver futures rose 0.51% to $17.04 a troy ounce, while platinum futures rose 1.11% to $1,018.40.

Copper fell 0.41% to $3.19, while natural gas fell 0.06% to $3.19.

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