Gold Climbs Near $4,000 as US Government Shutdown Continues

Gold reached a fresh record, rallying as much as 2.2% to top $3,970 an ounce.

The upswing, which follows a run of seven weekly gains, comes as the US government shutdown has delayed key data, further obscuring a murky economic outlook. With a lack of official figures, traders are depending on private reports for signals, while the US central bank is struggling to assess changing conditions. Traders are still pricing in a quarter-point rate cut this month, which would benefit gold further as it doesn’t pay interest.