Gold prices soar to record high amid looming US shutdown
Gold just smashed a new record, jumping past $3,839 per ounce as of Tuesday.
The big reason? Investors are spooked about a possible US government shutdown and are piling into gold as a safe bet.
Meanwhile, the dollar slipped and US stock futures dipped slightly.
Gold's rise and Asia's economic pulse
When global uncertainty rises—like now with the US budget drama—gold often gets more expensive. In India, prices climbed to ₹9,928 per gram thanks to global jitters.
Even with all this action, China pumped $70 billion into its economy and Australia's central bank was set to meet and expected to keep rates unchanged.
Global factors at play
The risk of a US government shutdown shot up after political leaders failed to agree on a budget before October 1.
This has investors worried about delays in key economic data (like jobs numbers), which could impact interest rates worldwide.
While gold is shining bright, oil prices have dropped and Chinese tech stocks are having their moment ahead of a holiday break.