Overview

• December gold futures settled at $3,908.90 an ounce after touching a record $3,923.30, capping an eight‑week advance with spot prices near $3,900.
• Analysts cite the partial US government shutdown, a weaker dollar, expectations of Fed rate cuts, heavy central‑bank buying and strong ETF inflows as key drivers.
• Volatility is expected to stay elevated as markets track the funding bill vote, potential labor‑market releases, FOMC minutes on Thursday and a speech by Fed Chair Jerome Powell.
• Silver continues to outperform gold year to date, with Comex December hitting $48.32 and analysts pointing to tight supply and solar, EV and electronics demand.
• India’s MCX prices hovered near lifetime highs with September gold and silver imports nearly doubling from August, while ETF demand has surged in Australia and retail sentiment in China looks cautious.