Gold hits record high on U.S. shutdown risks, rate-cut bets

Gold surged to a record high on Wednesday as investors sought safe-haven assets amid U.S. government shutdown risks and weak labor data fueling expectations of Federal Reserve rate cuts.

Spot gold rose 0.4% to $3,872.87 per ounce, while December futures climbed 0.7% to $3,901.40.

The dollar weakened, boosting overseas demand.

Analysts cited political uncertainty, a softer labor market, and the prospect of lower interest rates as key drivers, CNBC has reported.

Silver, platinum, and palladium also rose, with silver hitting a 14-year high at $47.39 per ounce.

read more: https://www.cnbc.com/2025/10/01/gold-hits-record-high-on-us-shutdown-risks-rate-cut-bets.html

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