WASHINGTON: Spot gold climbed 0.6 percent to $3,887 an ounce, after touching a session high of $3,896.49. U.S. gold futures for December delivery rose 0.4 percent, settling at $3,911.80. The precious metal has now gained 48 percent since the start of the year, cementing its status as a preferred refuge during times of political and financial uncertainty.
The U.S. shutdown, which has put thousands of federal jobs at risk, threatens to stall the release of critical economic data. The weekly jobless claims report, due today, was not published, and the highly anticipated nonfarm payrolls report, scheduled for Friday, may also face delays. Meanwhile, data released yesterday showed U.S. private sector employment fell by 32,000 in September, following a downward revision of 3,000 jobs in August.
Other precious metals also advanced. Spot silver rose 0.8 percent to $47.70 per ounce, platinum jumped 1.4 percent to $1,579.05, while palladium held steady at $1,244.75.
Gold prices surged to a record high as the Federal Reserve's potential rate cuts and the deepening U.S. government shutdown create economic uncertainty. Spot gold reached $3,887 an ounce, with futures rising to $3,911.80. The shutdown threatens key economic data releases, while private sector employment saw a decline, adding to the financial unease.