Sept 30, 2025: – Gold prices broke above $3,800 an ounce for the first time on Tuesday, a new record, as investors rushed to the safe-haven asset on expectations of U.S. rate cuts, worries of a possible government shutdown and rising geopolitical tensions.
Spot gold rose 1.6% to $3,820.96 an ounce at 09:32 a.m. ET (1332 GMT), after reaching a record peak of $3,831.19 in the morning session.
Gold Prices Today in Pakistan
The U.S. dollar index also declined 0.3%, making greenback-priced bullion cheaper for foreign buyers.
“Safe-haven demand centered on the possible U.S. government shutdown” is among the drivers of gold’s rally, said David Meger, High Ridge Futures director of metals trading.
“The dollar is facing some light pressure due to that, certainly underpinning the precious metals complex.
U.S. President Donald Trump will meet with the most senior congressional leaders from both sides later on Monday to negotiate a government funding extension. A federal shutdown will start on Wednesday if there is no agreement.
In other news, Russia’s defence ministry reported that its troops took over the village of Shandryholove in Ukraine’s eastern Donetsk region.
Gold reaches record high above $3,800
Gold, the metal that should shine in low-interest-rate regimes and periods of uncertainty, has risen 45% year-to-date.
Friday brought the U.S. Personal Consumption Expenditures Price Index in line with forecast, reinforcing market expectations of rate reductions by the Federal Reserve during its October and December meetings.
“Last week’s PCE data was seen as not being in the way of one more or two more Fed rate cuts… they remain a bullish influence for gold and silver,” Meger stated.
Separately, Newmont said CEO Tom Palmer would retire by the year-end, after spending more than a decade with the world’s largest gold miner. Rival Barrick also announced the resignation of CEO Mark Bristow earlier in the day.
