Feb 3 (Reuters) - Gold rose more than 3% on Tuesday,
rebounding from a near one-month low hit in the previous
session, as market participants braced for an absence of key
economic data this week due to a partial U.S. government
shutdown.
FUNDAMENTALS
* Spot gold ?climbed 3.7% to $4,837.16 per ounce by
0120 GMT, after touching a near one-month low in the ?previous
session. Bullion scaled a record high of $5,594.82 on Thursday.
* U.S. gold ?futures for April delivery climbed 4.5%
to $4,859.30 per ounce.
* The ?U.S. Bureau of ?Labor Statistics said on Monday the
closely watched employment report for January will not be
released this ?Friday because of a partial shutdown ?of the
federal government.
* The government partially shut down on Saturday after
Congress failed to approve a deal to keep ?the Labor Department,
among other operations, funded. ?Though the ?U.S. Senate passed a
spending package on Friday, the House of Representatives was out
of town.
* The House was due on Monday to ?take up legislation, with a
final vote expected on Tuesday. House Speaker Mike Johnson has
expressed optimism that the shutdown would end within days.
* The dollar held onto gains on Tuesday as positive economic
readings and shifting expectations for Federal Reserve policy
outweighed concerns about the partial U.S. ?government shutdown.
* ?A stronger dollar makes greenback-priced gold less
affordable for holders of other currencies.
* Investors expect at least two Fed interest rate ?cuts in
2026. Non-yielding bullion tends to perform better in
low-interest-rate environments.
* U.S. President Donald Trump on Monday announced a trade
deal with India that slashes U.S. tariffs on Indian goods to 18%
from 50% in exchange for India halting Russian oil purchases and
lowering trade barriers.
* Spot silver rose 5.9% to $84.09 an ounce. It hit ?a
record high of $121.64 on Thursday.
* Spot platinum added 3% to $2,183.64 per ounce after
hitting a record high of $2,918.80 on January 26, while
palladium gained 2.7% to $1,765.75.
DATA/EVENTS (GMT)
0745 France CPI (EU Norm) Prelim YY, MM Jan
0745 France CPI ?Prelim YY, MM NSA Jan
(Reporting by Ishaan Arora in Bengaluru; Editing by Subhranshu
Sahu)
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