The price of gold has surpassed $3,900 per troy ounce (31.1034768g) for the first time in history.
This is believed to be due to increased demand for safe-haven assets amid heightened uncertainty, as the ongoing U.S. federal government shutdown has halted the release of various economic indicators.
According to Reuters, as of 00:27 UTC on the 6th, the price of gold stood at $3,900.40, after previously reaching as high as $3,919.59.
The price of U.S. gold futures for December delivery also briefly climbed to $3,926.80.
Bloomberg News reported that as of 00:45 UTC on the 6th, the price of gold was $3,905.54, up 0.5%, after earlier reaching $3,920.63.
Since the beginning of this year, the price of gold has repeatedly set new all-time highs, rising by 49%.
The factors cited include the economic and geopolitical uncertainty caused by the shock former U.S. President Donald Trump brought to the market, which has led to a surge in demand for safe-haven assets; the U.S. Federal Reserve’s interest rate cuts; and purchases by central banks worldwide seeking to diversify their portfolios with non-dollar assets.
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