Historical gains for gold .. Best monthly performance in 16 years

Gold rose to a new record, today, and is going to record the best monthly performance for nearly 16 years, as fears of a possible closure of the US government and the increasing expectations of other discounts from the Federal Reserve (the US Central Bank) in interest rates to enhance the demand for metal as a safe haven.

By 0634 GMT, gold in instant transactions rose one percent to $ 3870.14 an ounce.

The precious metal jumped by 12.3 percent so far in September, and is heading to record the best monthly percentage since November 2009.

US gold futures climbed 1.1 percent to $ 1.1 percent to $ 3897.80.

“The imminent government closure raises uncertainty in the market, which has contributed to accelerating the gains of gold,” said Tim Water, a chief market analyst at KSIT.

“It seems now that the level of $ 4000 is a goal that gold can achieve by the end of the year, while market variables such as low interest rates and constant geopolitical tension are still in the interest of the precious metal,” he added.

And recent economic data led to an increase in expectations that the Federal Reserve Provided more discounts in interest rates this year.

Dealers see a chance of approximately 89 percent to reduce interest rates by 25 basis points at the next meeting of the Federal Reserve in October, according to the CEM Watch tool.

Alberto Musalim, head of the Federal Reserve in St. Louis, said he was open to more discounts, but added that the Federal Reserve should be careful and maintain interest rates high enough to continue to face inflation.

Gold, which is often used as a safe store of value, is flourishing in times of political and financial uncertainty, in a low interest rate environment.

The SBDD Gold Terrass, the largest gold -backed box in the world, stated that his possessions rose 0.60 percent to 1011.73 tons yesterday, its highest level since July 2022.

Investors are awaiting US data on Friday about vacancies, jobs in the private sector, and the index of purchasing managers in the manufacturing sector issued by the Institute of Supply Management, and non -agricultural job reporting to obtain more indicators on the strength of the economy.

The US Department of Labor confirmed yesterday that its statistical authority will suspend the publication of data, including the monthly employment report for September, which has a close follow -up, in the event of a partial closure of the government.

For other precious metals, silver prices in instant transactions increased 0.3 percent to $ 47.08 an ounce, recording an increase of 18.6 percent since the beginning of the month. Platinum rose 0.5 percent to 1609.40 dollars, and palladium increased 0.9 percent to 1278.62 dollars.