Gold Surges to Record on Weaker Dollar, U.S. Shutdown Risk

Gold climbed to a record above $3,800 an ounce as precious metals rallied, lifted by a weaker dollar and investor jitters over a possible U.S. government shutdown, Sybilla Gross reported for Bloomberg News.

The rise surpassed last Tuesday’s peak after six straight weeks of gains.

Bullion rose as much as 1.4% to an all-time high of $3,812.05 an ounce — surpassing last Tuesday’s peak — after six straight weeks of gains.

Silver jumped as much as 2.4%, while platinum and palladium also advanced, buoyed by market tightness and inflows into exchange-traded funds.

The dollar slid ahead of a meeting Monday between President Donald Trump and congressional leaders, one day before federal funding is set to expire unless a stopgap spending bill is approved.

A shutdown would delay key economic reports, including Friday’s jobs data, expected to show subdued hiring in September. A weaker greenback makes precious metals cheaper for global buyers.