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Cryptopolitan 2025-09-29 21:50:49

Gold hit a record high of $3,833.37 on Monday as investors moved into the metal amid U.S. rate cut hopes

Gold ripped through yet another all-time high on Monday, surging past $3,800 for the first time ever as traders piled into the metal. Prices touched $3,833 during the trading session before easing slightly, while spot levels held at $3,829, up by 1.9% and US futures for December closed at $3,855.20, a gain of 1.2%, according to data from CNBC. Meanwhile, the US dollar index plunged by 0.2%, making all gold priced in dollars cheaper for international buyers, as Cryptopolitan reported earlier. The surge came as investors sought safety on expectations of Federal Reserve rate cuts, looming political gridlock in Washington, and renewed conflict overseas. David Meger, director of metals trading at High Ridge Futures, said: “Safe-haven demand focused on the potential US government shutdown is one of the driving factors behind gold’s rally. The dollar is under some light pressure in response to that, certainly supporting the precious metals complex.” President Donald Trump met with senior congressional leaders on Monday to push for an extension of government funding. Without a deal, the United States would face a federal shutdown starting Wednesday. That standoff added fuel to gold’s run, which is already up more than 43% this year. Fed cuts and global conflicts drive momentum Friday’s release of the Personal Consumption Expenditures Price Index came in line with forecasts, reassuring markets that the Fed has space to ease policy. Traders are betting on cuts at the October and December meetings. Meger added: “The PCE data from last week was viewed as not standing in the way of an additional one or two Fed rate cuts. They continue to be a supportive factor for gold and silver.” Overseas, the war in Ukraine added to safe-haven flows as Russia’s defense ministry announced that its troops had taken control of the village of Shandryholove in the eastern Donetsk region, a sign of yet another escalation by president Vlad Putin. In the corporate arena, the world’s largest gold miner Newmont revealed that CEO Tom Palmer will retire at the end of the year after more than a decade at the company. Rival Barrick confirmed earlier in the day that its CEO Mark Bristow had also stepped down. Elsewhere, silver jumped 1.9% to $46.85, its strongest in over 14 years. Platinum advanced 1.5% to $1,592.65, a level last touched 12 years ago. Palladium was the outlier, slipping 1.1% to $1,255.61. AI stocks rebound as Wall Street steadies While gold grabbed headlines, U.S. equities also regained ground after a rough week. The S&P 500 added 0.26% to close at 6,661.21, and the Nasdaq Composite rose 0.48% to finish at 22,591.15. The Dow Jones Industrial Average inched higher by 68.78 points, or 0.15%, ending at 46,316.07. That bounce came after the prior week marked the S&P’s weakest since August 1, the Nasdaq’s softest since early August, and the Dow’s first loss in three weeks. Tech stocks linked to the AI trade helped lift sentiment. Nvidia gained about 2% following concerns that its infrastructure projects with OpenAI might struggle with energy demands. Advanced Micro Devices added over 1%, while Micron Technology surged more than 4%. These showed investors were still betting on chips despite doubts about the pace of expansion. Away from tech, Electronic Arts soared 4.5% after confirming plans to go private in a $55 billion deal. That announcement added to a wave of corporate activity. Goldman Sachs calculated that U.S. mergers and acquisitions this year have already topped $1 trillion, up 29% compared to the same period last year. Despite last week’s stumble, the return of buyers on Monday steadied Wall Street. But the real spotlight stayed on gold, now locked in as the leading hedge against Washington’s budget fight, Fed policy, and a world on edge. Get $50 free to trade crypto when you sign up to Bybit now

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