Gold has just set a historic high around $3,920 per ounce, marking its seventh consecutive week of gains and closing September with a more than 12% increase — the strongest performance in 14 years, showing no signs of cooling down.
Amid the ongoing U.S. government shutdown, experts believe that safe-haven sentiment and market expectations will continue to be the key drivers of gold prices.
This week, with a lack of major U.S. economic data, investors will pay close attention to the consumer confidence index and the minutes from the Fed’s September meeting to look for clues about gold’s next move.
Analysts suggest that if gold breaks above the $3,950 level, it could target the psychological threshold of $4,000 per ounce in the near future.
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