Gold prices have surged to a record high, surpassing $US3800 an ounce as investors flock to precious metals amid a weakening US dollar and concerns over a potential US government shutdown. Bullion climbed as much as 2 per cent to reach an all-time high of $US3833.59 an ounce, eclipsing the previous peak from last Tuesday. This surge marks the sixth consecutive week of gains for gold, highlighting its increasing appeal as a safe-haven asset.
Other precious metals also experienced significant gains. Silver increased by as much as 2.4 per cent, mirroring the bullish trend observed in gold. Platinum and palladium joined the rally, driven by persistent market tightness. The inflows into exchange-traded funds (ETFs) backed by these metals further underscore the strong investor demand currently supporting the precious metals market.
The weaker US dollar has played a significant role in boosting the appeal of gold and other precious metals, making them more attractive to international investors. Economic uncertainty surrounding potential government shutdowns and broader economic concerns have also contributed to the increased demand for safe-haven assets like gold.
