Overview

• Spot gold traded around $3,851 per ounce after a fresh all-time high of $3,896 in the prior session, with December futures near $3,876, according to Reuters data.
• Prices were up about 2.5% for the week and roughly 47% so far this year, reinforcing strong haven inflows.
• Traders largely expect a 25-basis-point U.S. rate cut this month, based on CME FedWatch, a backdrop that typically benefits non-yielding assets.
• The U.S. government shutdown entered a second day and could delay key economic releases including the closely watched nonfarm payrolls report.
• Academic studies consistently find gold functions as the primary safe haven in crises, while cryptocurrencies show high volatility and speculative behavior, though diversification can still include digital assets.