Gold Surges to Two-Week High Amid Economic Uncertainty
Gold (XAUUSD) rallied more than 2% on Monday, climbing to a two-week high above $4,100 as investors positioned for potential economic turbulence. The MOVE coincides with the Senate advancing a bill to temporarily reopen the government, which could unleash a wave of delayed economic data.
"A reopening WOULD restore data flow and revive expectations for a December rate cut, but more importantly it shifts market focus back to the deteriorating U.S. fiscal outlook," said Saxo Bank analysts. The yellow metal's status as a safe-haven asset is drawing bids ahead of key labor and inflation reports that may show persistent price pressures and employment weakness.
October's job cut announcements surged 175% year-over-year to 153,074—the highest monthly total since 2003. Gold's upward trajectory may accelerate if resumed government data releases confirm economic fragility.
