Gold Hits All-Time High Above $3,900 As Market Turmoil And Fed Outlook Drive Rush To Safe Havens

Benzinga

Gold surged to a record $3,949 per ounce as investors sought safety amid the U.S. shutdown and weak labor data. Analysts expect further gains, with UBS forecasting $4,200 by year-end. The metal’s 50% rise this year has been fueled by central bank buying, strong ETF inflows, and a weaker dollar.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Gold prices surged past $3,900 per ounce on money, hitting a record $3,949, according to Reuters.

00:10Investors fled to safe haven assets amid the ongoing U.S. government shutdown,

00:14weak labor data, and expectations of Federal Reserve rate cuts.

00:17Spot gold gained 1.4% to $3,940, while U.S. gold futures rose to $3,964.

00:24Analysts said the gold rally led by central banks and long-term investors

00:28may see only mild pullbacks and can offer buying opportunities on dips.

00:32UBS now expects gold to reach $4,200 by year end, setting momentum and fundamentals.

00:37Gold has risen nearly 50% this year, driven by central bank purchases,

00:42strong ETF demand, a weaker dollar, and retail investors seeking protection from global risks.

00:48For all things money, visit Benzinga.com.

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