Gold rose more than 1% to around $4,050 per ounce on Monday, reaching a two-week high amid mounting concerns over the US economy. The yellow metal also benefited from a pullback in the dollar, which makes dollar-denominated commodities cheaper for foreign buyers. On Friday, the University of Michigan’s consumer sentiment index fell to its lowest level in nearly three and a half years as the US government shutdown extended to the longest in history. Meanwhile, the US Senate appeared on track to pass a deal to reopen the government, with enough Democratic senators reportedly backing the package. On the monetary policy front, markets remain divided on whether the US Federal Reserve will cut interest rates in December, with traders pricing in roughly a 67% chance of a quarter-point reduction, unchanged from Friday.

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