FX.co ★ Gold Hits Record High as US Shutdown Continues

Gold prices surged to a historic high, exceeding $3,900 per ounce on Monday, as investors flocked to this safe-haven asset amidst increasing concerns over an extended US government shutdown. The shutdown persisted into the week following the Senate's failure on Friday to pass competing plans to extend federal funding. As a result, key economic reports, such as September’s non-farm payrolls, have been delayed, compelling investors to turn to alternative indicators that hint at a weakening labor market. Despite the absence of new data, traders are expected to pay close attention to comments from Federal Reserve officials this week for further insights into the central bank’s policy direction. Remarkably, the precious metal has risen nearly 50% this year, driven by heightened economic and geopolitical uncertainty, anticipated rate cuts, and continuous inflows into ETFs.