By Gold prices soared to new heights Wednesday amid intensifying concerns over a U.S. government shutdown and growing bets that the Federal Reserve will cut interest rates.
Spot gold jumped ~0.9% to $3,891.96 per ounce, briefly touching $3,895.09—a fresh record. December futures followed, climbing ~1.2% to $3,918.60.
The U.S. dollar slid modestly, making gold more attractive to foreign buyers. The shutdown in Washington threatens to stall key data releases, including Friday’s nonfarm payrolls report, creating further rate uncertainty.
Weak hiring data and a flattening labor market have encouraged speculation that the Fed will ease policy soon. Gold’s rally has been steep: it’s up ~11.5% this month and ~16.4% over the quarter.
Silver gained ~1.5% to $47.39, reaching a multi-year high, while platinum and palladium posted smaller increases.
With global volatility elevated, gold may remain favored—especially if central banks turn dovish and geopolitical risks linger.