Gold price rises to record high amid uncertainty in US Congress

Global gold prices continue to rise, with the precious metal hitting a new record high of $3,860 per ounce on Friday as investors worry about a potential US government shutdown, adding to uncertainty in financial markets.

This is reported by Bloomberg.

As of September 29, gold had risen 0.9% to $3,867.25 per ounce (about 31 grams). Thus, the cost of 1 gram of gold reached $124.75.

Talks between US President Donald Trump and congressional leaders ended without an agreement on temporary funding for the federal government, raising concerns about a possible government shutdown that could affect the release of important economic data that investors and regulators rely on to make decisions.

Since the beginning of the year, gold has already risen by 47% – this is the highest annual growth rate since 1979. Goldman Sachs and Deutsche Bank predict that the trend will continue, and the price of gold may increase further – against the backdrop of global instability.

At the same time, demand for US government bonds has increased, leading to a decline in their yields. At the same time, the US dollar has weakened, which traditionally supports gold, as it makes it more accessible to investors using other currencies.

Silver and platinum have stabilized somewhat after recently rising to multi-year highs. Since the beginning of the year, prices for these metals have increased by 63% and 76%, respectively, due to a prolonged supply shortage in the global market.

By the way, due to tensions in relations with the US and Trump’s unpredictability, Germany and Italy are planning to move their gold reserves from the US to Europe.

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