Gold steadied in Asian trading on Thursday, consolidating the prior day’s jump as a softer U.S. dollar and lingering uncertainty from the prolonged U.S. government shutdown underpinned haven demand. Spot bullion edged up 0.2% to $3,988.79/oz by 00:37 ET (05:37 GMT), while U.S. gold futures ticked 0.1% higher to $3,995.70. The metal rose 1.3% on Wednesday amid a global risk-off tone sparked by renewed fears of a tech-led equity bubble.

A modest retreat in the U.S. Dollar Index (−0.2% in Asian hours) removed some immediate pressure on non-yielding assets, helping gold hold just shy of the $4,000 threshold. Wall Street’s rebound the day before cooled nerves around stretched valuations, but the **shutdown—now the longest on record—**continues to cloud visibility. With several official reports suspended, traders are leaning on private indicators to infer the health of the U.S. economy.

One such proxy, ADP, showed +42,000 private jobs in October—roughly double consensus—nudging markets away from expecting a December Fed cut. Higher-for-longer policy rates typically weigh on gold via stronger real yields, partially offsetting haven inflows tied to policy and macro uncertainty. Investors are also monitoring U.S. Supreme Court hearings on the legality of emergency-powers tariffs, a case with potential long-tail implications for trade, supply chains, and inflation.

Strategists remain cautiously constructive. ING said structural supports—central-bank buying and safe-haven demand—remain intact despite recent pullbacks, while acknowledging that any durable easing in trade tensions has yet to translate into broader geopolitical calm.

Elsewhere in metals, price action was subdued. Silver added 0.2% to $48.12/oz, platinum was flat near $1,564.60/oz, and copper firmed on both venues (LME $10,771.20/t, +0.4%; COMEX $5.02/lb, +0.6%), helped by the marginal dollar dip.

Outlook: Near term, bullion’s path hinges on the balance between resilient labor signals and the data vacuum created by the shutdown. A sustained break above $4,000 would signal fading downside momentum; absent a clearer dovish turn from the Fed or fresh geopolitical stress, rallies are likely to meet supply into the low-$4,000s.