International gold prices extended their upward trend during the Asian trading session on Monday, breaking through the $3,900-per-ounce barrier for the first time and reaching a new high.
According to GoldPrice.Org, gold futures on the New York Mercantile Exchange hit a record high of over $3,960 per ounce on Monday, while spot gold also broke above $3,940, surpassing the $3,900 level for the first time.
Reuters reported that gold hit a record high on Tuesday as there were no signs of a reprieve from an impasse between the two houses of the U.S. Congress that has led to a government shutdown, while near-certain bets of a U.S. rate cut this month also lent support.
Spot gold rose 0.4% to $3,974.09 per ounce by 0446 GMT, trading near the all-time high of $3,977.19 hit earlier in the session. U.S. gold futures for December delivery gained 0.5% to $3,996.40.
Non-yielding gold thrives in a low interest rate environment and during economic uncertainties.
Gold has climbed 51% so far this year on strong central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking to hedge amid rising trade and geopolitical tensions.
Goldman Sachs on Monday raised its December 2026 gold price forecast to $4,900 per ounce from $4,300, citing strong Western exchange-traded fund inflows and central bank buying.
China’s central bank added gold to its reserves in September for the eleventh straight month, data from the People’s Bank of China showed.
Elsewhere, spot silver was steady at $48.52 per ounce, platinum rose 0.1% to $1,626.55, and palladium rose 0.9% to $1,330.91. (Global Times/ Reuters)