Gold prices surged past $3971 per ounce in electronic trades on Monday, hitting a fresh record high as investors sought safety amid the ongoing US government shutdown. The Senate’s failure to advance federal funding plans has delayed key economic releases, including September’s non-farm payrolls, fueling expectations of an imminent Fed rate cut. The dollar index climbed above 98, recovering last week’s losses as markets weighed the shutdown’s economic impact. Traders await comments from Fed officials, including Stephen Miran and Chair Jerome Powell, for fresh signals on monetary policy. Silver also rallied, climbing above $48.5 per ounce—the highest since April 2011—supported by safe-haven demand and tightening supply, with the Silver Institute forecasting a global market deficit for a fifth consecutive year in 2025. Gold and silver have surged nearly 50% and 40% respectively this year, driven by economic uncertainty, central bank buying, and strong ETF inflows. MCX December bullion futures surged to fresh highs of Rs 120075 per 10 grams, up 1.5%.
More News
|
|