Gold Surges Above $5,000 on Shutdown Fears, Geopolitical Tensions
Gold has broken past the $5,000-an-ounce barrier, crossing the key level for the first time on Monday as worries about a U.S. government shutdown added fresh fuel to the metal’s red-hot rally. The precious metal has smashed records over the past year as investors piled into safe-haven assets amid anxiety over geopolitical tensions and frothy equities markets. Dollar weakness and lower interest rates have heightened gold’s appeal, while central banks have been rotating into gold aggressively to burnish their foreign reserves.
Gold has broken past the $5,000-an-ounce barrier, crossing the key level for the first time on Monday as worries about a U.S. government shutdown added fresh fuel to the metal’s red-hot rally. The precious metal has smashed records over the past year as investors piled into safe-haven assets amid anxiety over geopolitical tensions and frothy equities markets. Dollar weakness and lower interest rates have heightened gold’s appeal, while central banks have been rotating into gold aggressively to burnish their foreign reserves.