Gold prices reached record territory on Wednesday as concerns mounted over a potential US government shutdown and weaker employment figures reinforced expectations for additional Federal Reserve rate reductions. The India Bullion and Jewellers Association reported 24-carat gold climbed to 1,15,350 rupees per 10 grams while US December futures advanced 0.7 percent to $3,901. Political uncertainty in Washington drove investors toward safe-haven assets as the Senate rejected funding legislation and President Donald Trump signaled more federal job cuts.
The precious metal gained 11.4 percent in September for its strongest monthly performance since August 2011. Traders anticipate a 97 percent likelihood of a 25-basis-point Fed cut this month with 76 percent odds for December. India recorded unprecedented gold and silver imports during September despite elevated costs and rupee weakness. Analysts noted support levels at $3,810 with resistance near $3,910 as the dollar index remained close to weekly lows.
The precious metal gained 11.4 percent in September for its strongest monthly performance since August 2011. Traders anticipate a 97 percent likelihood of a 25-basis-point Fed cut this month with 76 percent odds for December. India recorded unprecedented gold and silver imports during September despite elevated costs and rupee weakness. Analysts noted support levels at $3,810 with resistance near $3,910 as the dollar index remained close to weekly lows.
