Gold nears $3,950/oz – ING
Gold prices hit another record high this morning, with spot Gold breaking above $3,945/oz for the first time, as the prolonged US shutdown fuelled investors’ demand for safe-haven assets, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gold prices are already up by nearly 50% this year
"The US disruption has delayed payroll data expected last Friday, further clouding an already uncertain economic outlook. With official data delayed, traders are depending on private reports for economic insight, while the central bank faces challenges in making monetary policy decisions. Still, markets expect a quarter-point rate cut this month, which could further support Gold."
"The latest data shows that total known ETF holdings for Gold continue to report inflows of 52.5koz for a seventh consecutive session to 97.3moz as of Friday. Net inflows for the last week stand at 655.7koz, taking the total Gold ETF holdings to the highest level since September 2022."
"Gold prices are already up by nearly 50% this year, driven by heightened economic and geopolitical uncertainty under US President Donald Trump. The Federal Reserve’s rate cuts and central bank moves to diversify away from dollar assets have also provided strong support."
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FXStreet Insights Team
FXStreet
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