Gold Prices Start the Week with Double Records
Gold Prices Start the Week with Double Records
Gold began the new week with historic gains as concerns over a potential U.S. government shutdown mounted.
Spot gold surged to $3,815 per ounce in Monday’s session, up from $3,760 at last week’s close, marking an all-time high.
Gram gold in Turkey also rose, testing 5,095 TL before settling at 5,085 TL.
Over the past month, gold prices increased by 10.39% for the ounce and 11.53% for gram gold.
The main driver of this rally was fears of a U.S. government shutdown. By law, Congress must approve the federal budget by October 1. If no permanent or temporary budget is approved, the government halts most of its operations except for essential services.
The last shutdown lasted 35 days between late 2018 and early 2019, causing an estimated $11 billion loss in GDP. Reports indicate that this time, the administration may impose permanent layoffs instead of temporary furloughs.
Growing uncertainty pushed investors toward gold as a safe haven, driving prices to record highs.
