Spot gold climbed to $3,805.33 an ounce, hitting an all-time high
Gold prices rose at Monday’s settlement as safe-haven demand strengthened amid concerns over a potential US government shutdown, a weaker dollar and expectations that the Federal Reserve will continue to ease borrowing costs.
December gold futures gained 1.21%, or $46.2, to $3,855.2 an ounce, marking a new record high.
David Meger, director of metals trading at High Ridge Futures, told Reuters that safe-haven demand tied to the possibility of a US government shutdown was one of the main drivers behind gold’s rise.
He added that the decline in the US currency also supported precious metals markets, as the dollar index fell 0.24% to 97 points at 9:41 p.m. Mecca time.
Meanwhile, US President Donald Trump is scheduled to meet with congressional leaders from both parties later today to negotiate an extension of government funding and avoid a federal shutdown starting Wednesday if no deal is reached.
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