Gold Shatters Record as U.S. Shutdown Sparks Metals Frenzy; Silver at 14-Year High
Gold hit a record $3,895/oz on Oct. 1 as the U.S. government shutdown and Fed rate-cut bets spurred safe-haven demand. Silver surged to $47–48/oz, its highest since 2010, driven by industrial use and inflation hedging. Platinum climbed above $1,550/oz, while palladium rebounded on tighter Russian supply. Investors increased holdings in gold ETFs, with SPDR Gold Trust rising to its highest since July 2022.