Gold hits another record high as US government shutdown drags on

Bullion rises to $3,920.63 an ounce as yellow metal benefits from 'safe haven' status

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Gold Bullions in Thailand as Gold Set for Weekly Gain as US Inflation Cooler Than Forecast
Gold Bullions in Thailand as Gold Set for Weekly Gain as US Inflation Cooler Than Forecast

Gold hit another record high at the start of the week, benefiting from a flight to safety as the US shutdown drags on.

Bullion rose to $3,920.63 an ounce, before paring some gains. The Federal government shutdown has delayed US payroll data, which was due on Friday, making a murky economic outlook even more unclear. 

The precious metal has surged almost 50% this year, spurred by the massive jolt of economic and geopolitical uncertainty that President Donald Trump has brought to the market.

The Federal Reserve’s rate-cutting cycle has been another tailwind. 

Gold rose 0.6% to $3,908.44 an ounce as of 7:42 am. Singapore time after capping a seventh weekly gain on Friday.

The Bloomberg Dollar Spot Index advanced 0.3%. Silver, platinum and palladium all climbed.

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