Gold casting grain. (Photo by Stefan Wermuth/Bloomberg)
Singapore: Gold surged past $3,900 an ounce for the first time on Monday, 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.
