Gold steadies near record highs

October 02, 2025 (MLN): Gold held its level on Thursday, clinging close to the all-time highs reached a day earlier, as political turmoil in Washington underpinned investor demand.

Spot gold was up 0.41% at $3,870.74 an ounce as of [11:10 am] PST, according to data reported by Mettis Global.

December U.S. gold futures eased 0.3% to $3,887.50 an ounce.

Market data shows large speculators and managed funds expanding their net-long positions in gold futures, though current levels remain below historical peaks.

Chicago Fed President Austan Goolsbee said he is increasingly wary about persistent inflation, cautioning that the central bank should move carefully on lowering rates.

Despite that, futures markets are pricing in a near certain 25-basispoint rate cut at this month’s Fed meeting, according to CME’s FedWatch tool.

Meanwhile, the U.S. government has entered a partial shutdown after lawmakers failed to agree on a budget, threatening thousands of federal jobs and raising uncertainty about upcoming data releases.

The shutdown could delay Friday’s non-farm payrolls report, a critical gauge for the Fed’s policy outlook.

In other precious metals, spot silver fell 0.3% to $47.17 per ounce, platinum was unchanged at $1,558, while palladium advanced 1.5% to $1,263.50.

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