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Gold Sets New Records Near $3,900 as U.S. Shutdown Spurs Haven Rush

Safe-haven demand following the U.S. government shutdown pushed bullion higher on entrenched expectations of Federal Reserve rate cuts.

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FILE - A collection of gold coins is displayed at a shop in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles, April 30, 2025. (AP Photo/Jae C. Hong, file)
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Overview

  • Spot and futures prices in global trade pressed toward new highs, with COMEX December gold briefly breaching $3,900 per ounce and spot quotes approaching $3,895.
  • India logged lifetime peaks, with Delhi bullion crossing Rs 1.21 lakh per 10 grams and MCX December futures hitting a record near Rs 1,17,800.
  • Pakistan’s market followed the surge, taking 24-karat gold to a new record around Rs 410,278 per tola as international prices climbed.
  • Silver extended its multi-year rally to the mid-$47s per ounce and reached roughly Rs 1.5 lakh per kg in India, supported by both safe-haven flows and industrial demand.
  • Traders cited a weaker dollar, strong odds of near-term Fed rate cuts, resurgent ETF inflows, and the shutdown’s potential to delay key U.S. data, while noting volatility after gold’s best month in about 14 years.