Gold Price Breaks Records Since 1979

Against the backdrop of events in the US.

Gold prices are skyrocketing and approaching $4,000 per ounce - for the first time since 1979, amid political instability and government shutdown in the U.S.

It was reported by RBC-Ukraine with reference to Bloomberg.

World gold prices hit another all-time record, coming close to the $4,000 per troy ounce mark, amid rising demand for safe-haven assets due to the partial U.S. government shutdown and uncertainty over the Federal Reserve's future policy.

At the opening of trading on Tuesday, gold rose another 0.4% to $3,976.25 per ounce, after jumping 1.9% a day earlier. Investors are seeking protection in precious metals, as the federal shutdown has deprived markets of important macroeconomic data needed to assess the health of the U.S. economy. This complicates the work of the Federal Reserve, which is preparing for its next meeting at the end of October.

Traders are now pricing in the likelihood of a quarter-point cut in the Fed's key rate this month, which will potentially further support gold prices, as it does not earn interest and becomes more attractive during periods of loose monetary policy.

Since the beginning of 2025, gold has risen by more than 50%, demonstrating a number of historical highs. If the current trend continues, it will be the biggest annual rise since 1979. Analysts attribute the rally to active gold purchases by central banks and increased investment in gold ETFs after the resumption of the U.S. rate-cutting cycle.

On the spot market in Singapore at 6:41 a.m. local time, gold was trading at $3,961.33 an ounce, almost unchanged. The Bloomberg Dollar Spot Index was down 0.1 percent, which also supported demand for the precious metal.

Silver was steady after rising 1.6 percent in the previous session to $48.77 an ounce, just a dollar short of an all-time high since 1993. Platinum and palladium prices also rose.

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