Gold Gains as Data Stokes US Economic Concerns Amid Shutdown

(Bloomberg) — Gold advanced as investors sought haven after the latest US data pointed to weakening in key areas of the economy.

Sentiment among American consumers soured as the shutdown weighed on the economic outlook, while high prices worsened views about personal finances. Fears about unemployment jumped, with 71% of respondents in the University of Michigan report expecting it to rise in the year ahead.

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While the government did not release its payrolls report Friday due to the shutdown, a survey conducted by 22V Research showed that a labor-market unwind is the biggest risk to trading.

Bond yields and the dollar slipped after the economic readings, helping boost the non-yielding bullion.

Gold is trading little changed from last Friday’s close, following two straight weeks of losses after prices snapped back from a record high above $4,380 an ounce last month. The metal is still up more than 50% this year, on track for its best yearly performance since 1979.

Rate cuts in the US have supported gold prices as have elevated central bank purchases. The government shutdown — now the longest in US history — has made it more difficult to assess the world’s largest economy, making data provided by private firms an increasingly important guide.

In other precious metals, silver rose for a third session, on track for a small weekly gain. On Thursday, the US added silver to a government list of critical minerals included in the Trump administration’s Section 232 probe, which could lead to tariffs and trade restrictions. Duties on silver could ripple through on metals markets because the US relies heavily on imports to meet demand.

Silver inventory in London rose 6.8% month-on-month to 844 million ounces by the end of October, according to data from the London Bullion Market Association. The increase came after a historic squeeze in early October that broke the silver market in London.

Spot gold rose % to $ an ounce at  in New York. The Bloomberg Dollar Spot Index inched lower, while platinum and palladium gained.

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