Gold prices record historical levels and are close to breaking the 4000 dollar barrier

Gold recorded a new record today, Tuesday, in the absence of any indications of the decline in the crisis between the House of Representatives and the Senate in the United States, which led to the closure of the government, and prices also received support from almost confirmed expectations to reduce American interest rates this month.

Gold rose in instant transactions 0.4% to $ 3974.09 an ounce by 04:46 GMT, to circulate near its highest level at all at $ 3999.15 for an ounce, which he recorded earlier in the session.

US gold futures for December delivery rose 0.5% to $ 3996.40.

“The chances of reducing interest rates in October and December are still exceeding 80%, which supports gold prices, which are also receiving support from government closure, given the lack of a solution between the two US Congress rooms so far,” said Kelvin Wong, chief market analyst, Kelvin Wong.

According to the CMI, the markets still expect additional interest rates by 25 basis points in October and December at 93 and 82%, respectively.

Gold prices, which do not generate returns, usually increase in the low interest rate environment and during periods of economic uncertainty.

Gold prices have jumped 51% since the beginning of the year until now amid strong purchases from central banks, the increase in demand for gold -backed indicators, and the weakness of the dollar, and the increasing demand of individual investors seeking hedging in light of the escalation of commercial and geopolitical tensions.

On Monday, Goldman Sachs Bank raised its forecast for the price of gold in December 2026 from $ 4,300 an ounce to 4900 dollars, and this attributed the strong flows of Western indirect indicators and central bank purchases.

As for other precious metals, silver settled in instant transactions at $ 48.52 an ounce, platinum rose 0.1% to 1626.55 dollars, and palladium increased 0.1% to 1626.55 dollars.