OpenAI buys cloud services from Amazon for $38 billion
OpenAI has struck a seven-year, $38 billion partnership with Amazon Web Services (AWS) to expand its cloud infrastructure and accelerate the development of human-level …
Gold prices hit a two-week high while oil climbed, fueled by optimism that the U.S. government shutdown may soon end. The dollar remained stable as investors weighed weak economic data and expectations for a final Federal Reserve rate cut.
Gold rose 2% to $4,079.83 per ounce in early Monday trading, marking its highest level since October 27. U.S. gold futures for December delivery gained 2.03% to $4,091.20 per ounce.
Tim Wotter, chief market analyst at KCM Trade, told Reuters: “Gold is seeing strong demand at the start of the trading week, rising amid speculation of a possible rate cut next month, despite the Fed reducing the likelihood.”
Last week’s data showed the U.S. economy lost jobs in October, with cost-cutting measures and AI adoption driving layoffs. Meanwhile, a Friday survey revealed U.S. consumer sentiment had dropped to its lowest level in nearly three and a half years, reflecting concerns over the economic fallout from the longest U.S. government shutdown in history.
According to CME’s FedWatch tool, market participants now see a 67% probability of a rate cut in December, supporting the rally in gold.
Oil prices also gained on hopes that the government shutdown would end soon, reducing uncertainty in global markets.
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