Gold Reaches New Peak Amid U.S. Government Shutdown

Amid choppy trading sessions on Wednesday, U.S. stocks and the dollar showed little movement as the federal government shut down much of its operations. This has delayed the release of vital job data, muddling expectations regarding future interest rates, while gold surged to a record high.

New employment figures revealed a drop in U.S. private payrolls by 32,000 last month, against predictions of a 50,000 increase, enhancing fears of a weakening labor market. The absence of the U.S. Labor Department's September report, due to the shutdown, complicates the Federal Reserve's ability to evaluate economic health and the likelihood of rate cuts.

Contributing to market uncertainty, the shutdown is set to furlough 750,000 federal workers, costing $400 million daily. Meanwhile, global indices showed mixed reactions, with European shares rising and the dollar index declining for the fourth consecutive day, as investors assessed potential OPEC+ output increases.

(With inputs from agencies.)