Gold today surged past $3,900 an ounce for the first time, driven by safe-haven demand amid a US government shutdown, alongside growing expectations of additional Federal Reserve rate cuts.
Spot gold rose 0.4% to $3,900.40 per ounce after hitting an all-time high of $3,919.59 earlier in the session. US gold futures for December delivery gained 0.5% to $3,926.80. Gold has climbed 49% so far this year, after a 27% rise in 2024 on strong central bank buying, increased demand for gold-backed Exchange-Traded Fund (ETFs), a weaker dollar and growing interest from retail investors seeking a hedge amid rising trade and geopolitical tensions. Elsewhere, spot silver was flat at $47.98 per ounce, platinum rose 0.5% to $1,613.15, and palladium gained 0.2% to $1,263.
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