Gold exceeds all-time high of $3800 per ounce, other metals also rise in price

On Monday, September 29, gold prices exceeded $3,800 per ounce for the first time, updating their all-time high. About writes Reuters.

According to the agency, the rise in the gold price is due to the expectation of lower rates in the US, the threat of a US government shutdown, and increased geopolitical uncertainty.

As of 10:52 GMT, the price of gold on the spot market jumped 1.5% to $3815.49 per ounce, and December futures rose to $3845.70.

The US dollar index fell by 0.2%, making gold cheaper for foreign buyers. Analysts explain that investors are looking for a safe haven amid economic and political risks.

According to UBS, gold may rise even further to $3,900 per ounce in the coming months. At the same time, the price of the precious metal has already risen by 45% this year, thanks to central bank purchases, a weak dollar, and investor demand.

Other metals are also rising in price: silver is up 2% to $46.90 (a 14-year high), platinum is up 0.9% to $1583 (a 12-year record), and palladium is holding steady at $1269.

• On September 23, the gold price continued its rapid rise, reaching a new historical high at $3759 per ounce.