Oct 2 (Reuters) - Gold eased on Thursday from the record
high hit the day before, pressured by profit-taking and a slight
uptick in the dollar, although expectations of further U.S. rate
cuts and political uncertainty lent some support to prices.
FUNDAMENTALS
* Spot gold was down 0.2% at $3,858.50 per ounce, as
of 0118 GMT, after hitting an all-time high of $3,895.09 on
Wednesday.
* U.S. gold futures for December delivery fell 0.4%
to $3,883.60.
* The dollar index was up 0.1% against its rivals,
making gold more expensive for other currency holders.
* Data showed that U.S. private payrolls fell by 32,000 jobs
in September after a downwardly revised 3,000 decline in August.
* The U.S. government has shut down much of its operations,
potentially putting thousands of federal jobs at risk, after
partisan divisions prevented Congress and the White House from
reaching a funding deal.
* The shutdown could delay the release of economic
indicators, including the closely watched non-farm payrolls
(NFP) report scheduled for Friday.
* Meanwhile, Wall Street's main stock indexes closed higher
on Wednesday as investors looked past weaker-than-expected
private payrolls data and uncertainty around the first day of
the U.S. government shutdown.
* Chicago Fed President Austan Goolsbee said he is starting
to get more concerned about inflation, making him want to be
"careful" about lowering interest rates.
* Traders are pricing in a near-certain 25 basis-point cut
to the Fed's key interest rate this month, according to the CME
FedWatch tool.
* Gold, often used as a safe store of value during times of
political and financial uncertainty, thrives in a low interest
rate environment.
* The U.S. Supreme Court said it would hear arguments in
January over Trump's attempt to remove Fed Governor Lisa Cook.
* Elsewhere, spot silver slipped 0.5% to $47.07 per
ounce, platinum fell 0.3% to $1,552.05 and palladium
gained 1% to $1,256.93.
DATA/EVENTS (GMT)
0900 EU Unemployment Rate Aug
1230 US Initial Jobless Clm 27 Sep, w/e
1400 US Factory Orders MM Aug
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
Sahu)
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