Gold hits another record high as US government shutdown drags on

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.