Gold tops $4,000 for first time as traders pile into safe haven
Summary
Gold prices topped $4,000 for the first time amid investor concerns over US interest rate cuts, government shutdown, and global economic uncertainty. Equity markets showed caution with tech stocks retreating after profit margin concerns.
Key Points
- Gold prices surpassed $4,000 for the first time as investors sought safe haven amid US interest rate cut expectations and government shutdown worries.
- The rise in gold is supported by increased ETF inflows and central bank purchases, including demand from China.
- Political instability in France and US government shutdown contribute to investor unease and market volatility.
- Equity markets showed declines, particularly in tech stocks, after Oracle reported lower-than-expected cloud computing profit margins.
