International gold prices continued their surge during Monday’s Asian trading session, breaking the $3,900-per-ounce mark for the first time and reaching record highs.
Gold futures on the New York Mercantile Exchange hit over $3,960 per ounce, while spot gold surpassed $3,940, according to GoldPrice.Org. The rally comes amid a U.S. government shutdown and expectations of an interest rate cut, factors that have strengthened demand for gold.
By 0446 GMT, spot gold was trading at $3,974.09 per ounce, near the session high of $3,977.19, while December U.S. gold futures rose 0.5% to $3,996.40.
Gold’s non-yielding nature makes it attractive in low-interest-rate environments and during economic uncertainty. Prices have surged 51% so far this year due to central bank purchases, strong demand for gold-backed ETFs, a weaker U.S. dollar, and growing retail interest amid geopolitical and trade tensions.
Goldman Sachs raised its December 2026 forecast to $4,900 per ounce from $4,300, citing robust ETF inflows and continued central bank buying. China’s central bank also added gold to its reserves for the eleventh consecutive month in September, according to the People’s Bank of China.
Other precious metals saw modest gains: spot silver remained at $48.52 per ounce, platinum rose 0.1% to $1,626.55, and palladium increased 0.9% to $1,330.91.
