Daily Market Report
➢ Gold price (XAU/USD) climbs above $4,060 in early European trading on Monday amid concerns over global growth and the US economic outlook.
➢ Weak US private jobs data and the downbeat University of Michigan Sentiment Index have strengthened expectations of a Federal Reserve rate cut.
➢ Lower interest rate expectations boost Gold by reducing the opportunity cost of holding the non-yielding asset.
➢ Safe-haven demand rises due to ongoing economic uncertainty, but optimism over a US government shutdown deal may limit Gold’s upside.
➢ US senators are voting on a tentative deal to end the longest government shutdown in history, potentially reopening and funding key agencies through January 30.
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