Gold surges past $3,900 in futures trading. ©shutterstock
Gold prices hit a new all-time high on Wednesday, driven by a surge of investors seeking safe-haven assets following the official start of the U.S. government shutdown and disappointing employment data, which have strengthened expectations of an interest rate cut by the Federal Reserve.
Spot gold rose 0.1% to $3,861.99 per ounce, after reaching a record high of $3,875.32. U.S. gold futures for December delivery climbed 0.7% to $3,901.40.
Meanwhile, the U.S. dollar index hovered near its lowest levels of the week, making dollar-denominated gold cheaper for holders of other currencies. Futures trading on Wall Street also reflected this upward trend.
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