Gold Surpasses $3,900 Per Ounce for the First Time

On Monday, the price of gold surpassed $3900 per ounce for the first time, driven by its appeal as a safe-haven asset. This surge comes amid a halt in U.S. government activities, coupled with rising expectations of further interest rate cuts by the Federal Reserve.

By 00:27 GMT, spot gold increased by 0.4 percent to reach $3900.40 per ounce. Earlier in the session, it hit an all-time high of $3919.59. U.S. gold futures for December delivery also rose, climbing by 0.5 percent to $3926.80.

In the precious metals market, silver held steady in spot transactions, maintaining a price of $47.98 per ounce. Platinum experienced a 0.5 percent increase, reaching $1613.15. Additionally, palladium edged up 0.2 percent to $1263.