Gold jumps to fresh record high above $3,800/oz as U.S. government shutdown looms

[stack of shiny gold bars 3d illustration]
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Gold futures climbed to yet another record high above $3,800/oz on Monday, bolstered by a weaker dollar, as investors weighed the likelihood of continued interest rate cuts by the U.S. Federal Reserve and the risks of a potential U.S. government shutdown.

Other precious metals also rallied, with silver futures extending recent gains to its strongest settlement in nearly 14-and-a-half years, with contracts for platinum hitting their highest intraday level in more than 12 years.

A government shutdown "could delay key jobs data and cloud the Federal Reserve's monetary policy path," MUFG commodities analyst Soojin Kim said in a note, noting that September jobs data is due to be released Friday, and a weaker than expected reading would bolster the case for more interest rate cuts and make gold even more attractive.

The U.S. personal consumption expenditures price Index, considered the Fed's favorite inflation gauge, reported in line with expectations on Friday, adding to market confidence in potential rate cuts.

Goldman Sachs issued a bullish [https://www.bloomberg.com/news/articles/2025-09-29/goldman-says-mining-stocks-to-help-drive-south-african-equities] note on South African stocks, supported by a weaker dollar and strong mining stocks, including Gold Fields (GFI [https://seekingalpha.com/symbol/GFI]), AngloGold Ashanti (AU [https://seekingalpha.com/symbol/AU]) and Harmony Gold (HMY [https://seekingalpha.com/symbol/HMY]).

Separately, Newmont (NEM [https://seekingalpha.com/symbol/NEM]) said CEO Tom Palmer plans to retire by the year-end, and rival miner Barrick (B [https://seekingalpha.com/symbol/B]) announced the resignation of CEO Mark Bristow.

Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for October delivery ended +1.2% to $3,820.90/oz, the sixth gain in the past seven sessions, and front-month Comex October silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) closed +0.8% to $46.612/oz, its highest settlement value since April 29, 2011; front-month gold is up 45% and silver has surged 61% YTD.

ETFs: (NYSEARCA:GLD [https://seekingalpha.com/symbol/GLD]), (NYSEARCA:GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (NYSEARCA:IAU [https://seekingalpha.com/symbol/IAU]), (NYSEARCA:NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])

MORE ON GOLD AND. GOLD MINERS

* Gold Extends Breakout Above $3,800 As Fed Rate Cut Bets Intensify [https://seekingalpha.com/article/4826727-gold-extends-breakout-above-3800-as-fed-rate-cut-bets-intensify]
* Here's Where Gold & Silver Stand Now (Technical Analysis) [https://seekingalpha.com/article/4826703-heres-where-gold-and-silver-stand-now-technical-analysis]
* The Most Interesting Chart In The World [https://seekingalpha.com/article/4826563-most-interesting-chart-world]