Gold prices surged to a new high of $3,875.53 per ounce, extending their rally to four consecutive days. This surge occurred as investors grew concerned about a possible US government shutdown, which could delay the release of important data like nonfarm payrolls and fuel interest in safe-haven assets like gold.
So far this year, gold has risen more than 47%, heading for its biggest annual gain since 1979. Positive sentiment was driven by massive buying by global central banks and a surge in demand for gold-backed ETFs, along with expectations that the Fed will continue to cut interest rates. The US dollar itself remained relatively flat, giving gold prices room to continue rising.
At the time of writing, the gold price is at $3,866.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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