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Gold prices edged higher on Wednesday, nearing record levels. A potential US government shutdown boosted demand for safe assets. Recent US labor data indicated a softening market. This reinforced expectations for Federal Reserve rate reductions. Traders anticipate rate cuts in October and December. Gold performs well when interest rates are low.
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US stock futures slipped as the government neared a shutdown after a stopgap funding bill failed, raising investor concerns. The looming shutdown threatens to delay crucial economic reports, like nonfarm payrolls, which are vital for the Federal Reserve's interest-rate decisions. This potential information vacuum could lead to market volatility, especially with valuations near prior peaks.
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Indian equity investors may find relief in October, with historical trends showing Nifty gains in seven of the last ten years. However, analysts predict a narrow trading range for the Nifty, likely between 24,300-25,400, due to tariff uncertainties, FII selling, and upcoming large IPOs.
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