Gold hits record high above $4,000

Gold prices rise to an all-time high as the US government shutdown showed no signs of resolution.

Gold prices surged to an all-time high on Tuesday, as the prolonged US government shutdown showed no signs of resolution and expectations grew for a US interest rate cut later this month.

December gold futures rose 0.3%, or $12.9, to $3,989.2 an ounce after touching a record $4,000.1 earlier in the session.

Spot gold edged up 0.1%, or $2.58, to $3,964.42 an ounce at 08:22 a.m. Mecca time.

The US dollar index, which measures the greenback against a basket of six major currencies, added around 0.15% to trade at 98.25.

December silver futures fell 0.35% to $48.3 an ounce, while spot platinum rose 0.45% to $1,631.09 and palladium gained 0.95% to $1,334.46.

Goldman Sachs analysts on Monday raised their December 2026 gold price forecast to $4,900 an ounce from $4,300, citing strong flows into exchange-traded funds and central bank buying, Reuters reported.