Gold prices surged to a new record above $3,900 an ounce in early Asian trading on Monday, as investors sought safety in the metal amid an ongoing U.S. government shutdown and growing expectations of further interest rate cuts by the Federal Reserve, according to Reuters.
Spot gold jumped 0.6% to $3,910.09 per ounce as of 11:53 p.m. GMT on Sunday, while U.S. gold futures for December soared 0.7% to $3,935, underlining the intensifying rush toward safe-haven assets.
Analysts warned the rally signals escalating uncertainty in financial markets and rapidly growing bets that the Fed may soon ease monetary policy.
