<\/p>\n
(Bloomberg) — Gold climbed to a record above $3,800 an ounce as precious metals surged, boosted by a weaker dollar as investors weighed a potential US government shutdown.<\/p>\n
Bullion rose as much as 2% to an all-time high of $3,833.59 an ounce \u2014 eclipsing a peak reached last Tuesday \u2014 after notching six straight weekly gains. Silver increased as much as 2.4%, while platinum and palladium also rallied strongly, with advances underpinned by persistent market tightness and inflows into exchange-traded funds backed by the metals.<\/p>\n
Invest in Gold <\/p>\n
Powered by Money.com – Yahoo may earn commission from the links above. <\/p>\n
Most Read from Bloomberg<\/p>\n
The dollar fell as investors awaited developments ahead of a planned meeting between top US congressional leaders and President Donald Trump later Monday \u2014 a day before federal funding runs out without an agreement on a short-term spending bill. A shutdown would threaten the release of key data including Friday\u2019s payrolls report, which economists expect to show subdued jobs growth in September. A weaker greenback makes precious metals cheaper for most buyers.<\/p>\n
<\/p>\n
Weaker employment figures would bolster the case for interest-rate easing by Fed officials at their next decision in October \u2014 a scenario that would make non-interest bearing precious metals more attractive. Still, there\u2019s a high degree of uncertainty over the outlook for the Fed\u2019s cutting cycle, with officials voicing diverging views on monetary policy, while some economic data came in stronger than expected.<\/p>\n
Bullion doesn\u2019t look overpriced relative to the dollar and Treasuries, which \u201cought to contain a level of Fed-related premium, given the nature of the risk\u201d from the central bank\u2019s potential loss of independence, Barclays Plc. strategists including Themistoklis Fiotakis and Lefteris Farmakis wrote in a note on Sunday. \u201cThis makes it a surprisingly good value hedge.\u201d<\/p>\n
WATCH: Gold surged to a new record after notching six straight weekly gains. Jack Ryan reports.Source: Bloomberg <\/p>\n
Gold has soared 46% this year, setting successive peaks on central-bank demand and a resumption of interest-rate cuts by the Fed. Prices are on track to close out a third consecutive quarterly gain, with holdings in bullion-backed ETFs at the highest since 2022. Banks including Goldman Sachs Group Inc. and Deutsche Bank AG have said they expect the rally to extend.<\/p>\n
Meanwhile, gold\u2019s precious metal peers have seen unprecedented tightness this year, exacerbating concerns about dwindling stockpiles of freely available metal in London as several years of supply deficits come to a head. Lease rates \u2014 which reflect the cost of borrowing metal, generally for a short period of time \u2014 for silver, platinum and palladium have all surged well above their normal levels of close to zero.<\/p>\n
<\/p>\n
Fresh concerns that platinum-group metals may be swept up in Trump\u2019s Section 232 investigation into critical minerals have exacerbated market tightness, according to Citigroup Inc. analysts led by Max Layton. The bank sees higher odds of palladium being subject to potential US import tariffs, pending the review that\u2019s expected to land in October, according to a note dated Sept. 19.<\/p>\n
Spot gold was 1.8% higher to $3,828.67 an ounce as of 1:56 p.m. in New York. The Bloomberg Dollar Spot Index edged down 0.2%.<\/p>\n
Silver jumped to its highest since 2011 on Monday after rising above $45 an ounce last week for the first time in 14 years, and was trading up 1.7% to $46.87 an ounce. Platinum was up 0.9% to trade at $1,595.45 after earlier topping $1,600 an ounce for the first time since 2013, while palladium gained as much as 2.9% before erasing the gains to trade 0.8% lower.<\/p>\n
–With assistance from Matthew Burgess, Jack Ryan and Yvonne Yue Li.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92025 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Gold climbed to a record above $3,800 an ounce as precious metals surged, boosted by a…\n","protected":false},"author":2,"featured_media":190697,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[7904,28,15023,15027,942,111209],"class_list":["post-190696","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bloomberg","tag-business","tag-palladium","tag-precious-metals","tag-president-donald-trump","tag-us-government-shutdown"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/190696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=190696"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/190696\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/190697"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=190696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=190696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=190696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}