Oct 2 (Reuters) – Gold eased on Thursday from the record high hit the day before, pressured by profit-taking and a slight uptick in the dollar, although expectations of further U.S. rate cuts and political uncertainty lent some support to prices. FUNDAMENTALS * Spot gold was down 0.2% at $3,858.50 per ounce, as of 0118 GMT, after hitting an all-time high of $3,895.09 on Wednesday. * U.S. gold futures for December delivery fell 0.4% to $3,883.60. * The dollar index was up 0.1% against its rivals, making gold more expensive for other currency holders. * Data showed that U.S. private payrolls fell by 32,000 jobs in September after a downwardly revised 3,000 decline in August. * The U.S. government has shut down much of its operations, potentially putting thousands of federal jobs at risk, after partisan divisions prevented Congress and the White House from reaching a funding deal. * The shutdown could delay the release of economic indicators, including the closely watched non-farm payrolls (NFP) report scheduled for Friday. * Meanwhile, Wall Street's main stock indexes closed higher on Wednesday as investors looked past weaker-than-expected private payrolls data and uncertainty around the first day of the U.S. government shutdown. * Chicago Fed President Austan Goolsbee said he is starting to get more concerned about inflation, making him want to be "careful" about lowering interest rates. * Traders are pricing in a near-certain 25 basis-point cut to the Fed's key interest rate this month, according to the CME FedWatch tool. * Gold, often used as a safe store of value during times of political and financial uncertainty, thrives in a low interest rate environment. * The U.S. Supreme Court said it would hear arguments in January over Trump's attempt to remove Fed Governor Lisa Cook. * Elsewhere, spot silver slipped 0.5% to $47.07 per ounce, platinum fell 0.3% to $1,552.05 and palladium gained 1% to $1,256.93. DATA/EVENTS (GMT) 0900 EU Unemployment Rate Aug 1230 US Initial Jobless Clm 27 Sep, w/e 1400 US Factory Orders MM Aug (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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