Tashkent, Uzbekistan (UzDaily.uz) — For the first time in history, the price of gold has exceeded US$4,000 per ounce, setting a new record high. December gold futures on the New York COMEX exchange rose 0.6% on Tuesday, October 7, reaching US$4,000.10 per ounce.
The market is responding to rising demand amid the U.S. government shutdown, which began on October 1 after Congress failed to approve the budget for the new fiscal year.
During this period, federal agencies are prohibited from spending, most government employees are placed on unpaid leave, and essential personnel—including medical staff, military personnel, transportation workers, and border guards—continue to work without pay. Reuters notes that there are currently no signs of a quick resolution between the congressional chambers, which continues to support the upward trend in gold prices.
Additional pressure on the market comes from political instability in France and Japan, heightening investor concerns about fiscal policies in these countries and boosting demand for “safe-haven” assets.
