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1h ago

Gold Near Record Highs as Shutdown Fears and Rate-Cut Bets Drive Seventh Weekly Advance

Brief pullbacks from profit-taking punctuate a rally supported by safe-haven flows tied to a US shutdown.

Amid a government shutdown, gold is looking all the more attractive to investors.
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Overview

  • Spot bullion hovered in the mid-$3,800s on Friday after setting fresh records near $3,895 earlier this week, keeping the metal on track for a seventh straight weekly gain.
  • Indian retail prices cooled slightly from new peaks, with 24-carat rates around Rs 1.17–1.19 lakh per 10 grams and MCX December futures down Rs 643 after a five-day surge.
  • Pakistan’s APSGJA recorded a record Rs 410,278 per tola before a quick retreat to Rs 407,778, reflecting the global rally’s volatility and swift profit-taking.
  • Analysts cite strong structural support from central-bank buying and robust ETF inflows, including sizeable Chinese holdings, with Goldman Sachs projecting $4,000–$4,300 into 2026.
  • Physical demand stayed lively in Australia as bullion retailers reported queues and higher storage uptake, while Perth Mint gold sales rose 21% in September.