Overview

• Spot and futures prices cleared the $4,000-per-ounce milestone, with spot touching about $4,006 and year-to-date gains exceeding 50%.
• Demand has been fueled by the U.S. government shutdown, a weaker dollar, expectations of further rate reductions, and political turmoil in France and Japan, alongside strong central-bank buying and record September inflows to gold ETFs.
• Silver climbed toward multi-decade highs near $48.50 and bitcoin set fresh records above $125,000, underscoring a broader “debasement trade.”
• Traders are pricing additional Fed easing this year, and the shutdown has postponed key economic data releases that typically guide rate decisions.
• Bridgewater’s Ray Dalio recommended gold allocations near 15% as a portfolio diversifier, while advisers cautioned that bullion’s 10–15% volatility argues against concentrated bets.