U.S. Government Shutdown Continues — Gold Prices Keep Rising

This morning, gold continued to surge sharply, breaking through the previous peak and setting a new high at $3,925 per ounce.

This move comes as no surprise, as last week Hung mentioned that the U.S. government shutdown would serve as a strong catalyst pushing gold prices into the $3,9xx–$4,000 per ounce range within October due to rising investor concerns.

Adding to this, last week’s ADP employment data showed little improvement, while the market is increasingly betting on further Fed rate cuts to rescue the labor market.

Therefore, until the U.S. government reopens, gold is expected to maintain its upward momentum and could reach the $3,95x–$3,97x range this week, or even test $4,000 per ounce in the longer term.