Gold Futures Break Above $3,900 to Record High as U.S. Government Shutdown Fuels Safe-Haven Demand

Gold futures on the COMEX for December delivery surged past $3,900 per ounce in early Asian trading on October 1, hitting an all-time high of $3,901.40 before easing slightly to $3,888.50 by 11:36 a.m. Bangkok time.

The rally was driven by heightened safe-haven demand following the official start of a U.S. government shutdown, the first in nearly seven years and the third under President Donald Trump’s administration. The shutdown came after Congress failed to pass a stopgap funding bill, with Senate Democrats blocking a Republican-led continuing resolution that fell short of the required 60 votes.

As a result, the U.S. Department of Labor will be unable to release key economic data as scheduled, including weekly jobless claims (Oct 2), nonfarm payrolls (Oct 3), and the Consumer Price Index – CPI (Oct 15). The lack of critical data could add uncertainty to markets already on edge over fiscal gridlock and the outlook for monetary policy.