Overview

• Spot gold climbed above $4,030 and U.S. futures topped $4,050, extending 2025 gains to roughly 54% after the first-ever breach of the $4,000 mark.
• The eighth day of a U.S. government shutdown has delayed key data and reinforced expectations of Fed easing, with markets pricing two 25‑basis‑point cuts this year.
• Record inflows into physically backed gold ETFs in September—culminating in a $26 billion quarter and a record $472 billion in assets—have amplified the rally, led by North American and European funds.
• Central banks remain steady buyers, with China’s People’s Bank logging an 11‑month purchasing streak and analysts expecting continued official accumulation.
• Silver neared its all‑time high around $49 and bitcoin hit fresh records, while banks including Goldman Sachs lifted 2026 price targets even as traders warn the market looks overbought and prone to a correction.