Gold Hits Another Record High as US Government Shutdown Drags On

Gold hit another record high at the start of the week, benefiting from a flight to safety as the US shutdown drags on.

Bullion rose to $3,920.63 an ounce, before paring some gains. The Federal government shutdown has delayed US payroll data, which was due on Friday, making a even more unclear.

The precious metal has surged almost 50% this year, spurred by the massive jolt of economic and geopolitical uncertainty that President Donald Trump has brought to the market. The Federal Reserve’s rate-cutting cycle has been another tailwind.

Gold rose 0.6% to $3,908.44 an ounce as of 7:42 a.m. Singapore time after capping a seventh weekly gain on Friday. The advanced 0.3%. Silver, platinum and palladium all climbed.