Gold futures prices topped $4,000 per ounce for the first time on Tuesday as investors continue to seek safe havens for their money, with the US government essentially shut down and widespread uncertainty around the economy.
As of 9.10am ET, gold futures traded at $4,003 in New York. The going price for New York spot gold rose to $3,960.60 per troy ounce – the standard for measuring precious metals.
Sales of gold can rise sharply when anxious investors seek secure investments amid times of turbulence or uncertainty.
The asset – and other metals, like silver – had seen wider gains over the last year, particularly with Donald Trump’s barrage of tariffs disrupting much of the world economy.
Non-yielding gold, which tends to do well during times of uncertainty and low interest-rate environments, has climbed 52% so far this year.
The metal’s rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold-based funds and a weak dollar. (The Guardian)
