Gold climbs to record on weaker dollar, government shutdown fears

[stack of shiny gold bars 3d illustration]
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Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) surged to a record above $3,800 an ounce on Monday, boosted by a weaker dollar as traders weighed the risk of a potential U.S. government shutdown that could delay key jobs data and cloud the Federal Reserve’s policy outlook.

Bullion climbed 1.2% to a record high of $3,814.95 an ounce, surpassing last Tuesday’s peak after six consecutive weekly gains. Silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) climbed to its highest level since 2011, up 1.7% to $46.88 an ounce, while platinum and palladium (XPDUSD:CUR [https://seekingalpha.com/symbol/XPDUSD:CUR]) also rose, supported by tight market conditions and strong inflows into metal-backed ETFs.

The dollar (DXY [https://seekingalpha.com/symbol/DXY]) weakened as investors awaited a key meeting between U.S. congressional leaders and President Donald Trump, with a looming government shutdown threatening to delay crucial jobs data. A softer greenback boosts demand for precious metals, while weaker payrolls could strengthen the Fed’s case for rate cuts in October. Still, policy uncertainty persists, with mixed economic signals and concerns over the central bank’s independence.

Here are some gold and gold miner ETFs: (NYSEARCA:GLD [https://seekingalpha.com/symbol/GLD]), (IAU [https://seekingalpha.com/symbol/IAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (BAR [https://seekingalpha.com/symbol/BAR]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (RING [https://seekingalpha.com/symbol/RING]), and (DUST [https://seekingalpha.com/symbol/DUST]).

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