Gold rose for a third session on Thursday as investors weighed the formal end of the United States’ record 43-day government shutdown against lingering uncertainty about the economic outlook and the Federal Reserve’s next move.

At 12:55 GMT, spot gold was up 1.1% to $4,242.09/oz, while December futures added 0.8% to $4,247.80/oz.

Reopening relief, but a murky macro picture

President Donald Trump signed a funding bill late Wednesday after House approval, restoring federal operations and clearing the way for the release of delayed official data. While the restart removes an immediate headwind, traders remained cautious that forthcoming indicators could flag softer activity after the disruption. (Trump has claimed the shutdown cost the economy $1.5 trillion.)

Analysts at ANZ said the prospect of weaker incoming data, combined with ongoing central-bank buying and broad macro uncertainty, supported bullion this week.

Rates repriced, but gold still bids

Even as markets pared expectations for a December Fed cut—CME FedWatch now implies about a 50.4% chance of a 25 bp reduction versus 62.4% a day earlier—gold held gains. The divergence suggests hedging demand and official-sector purchases are offsetting the drag from higher expected real yields.

Central-bank demand in focus

Sustained official purchases, notably from the People’s Bank of China, remain a constructive medium-term pillar. Recent figures showed the PBoC increased reserves for a 12th straight month in September, reinforcing a steady bid beneath prices.

Complex-wide strength: silver and platinum advance

Momentum extended beyond gold: spot platinum +1.2% to $1,650.20/oz and spot silver +1.0% to $53.960/oz, both on course for weekly gains. The breadth reflects a mix of safe-haven interest and improving industrial sentiment as supply-chain and travel frictions ease with the U.S. reopening.

Copper firms on demand hopes

Base metals joined the move higher. LME three-month copper +0.6% to $10,975/t and COMEX copper +0.6% to $5.1340/lb, buoyed by expectations that a functioning U.S. government will reduce domestic disruptions and by recent stimulus signals from China’s new five-year plan, which emphasize industrial output and local production.

The near-term setup

With the data pipeline resuming, upcoming U.S. labor and inflation prints will likely steer rate expectations and, by extension, gold’s risk premia. Into that uncertainty, continued central-bank accumulation and macro hedging argue for dip-buying support, while a hawkish repricing in real yields remains the key headwind to test the $4,200 handle.