Gold on Track for Best Monthly Performance in 14 Years

The gold price rose slightly on Tuesday morning, temporarily reaching a new record high. The precious metal continues to find strong support in light of increased geopolitical tensions and ongoing economic uncertainty, which increase its attractiveness as a safe haven.

The increasingly cautious expectations of the US Federal Reserve are also contributing to this increase, which puts gold on track for its best monthly performance in 14 years. As the markets price in two more interest rate cuts before the end of the year and another easing in 2026, the US dollar has lost value against its counterparts, which is strongly supporting the gold price.

Threatening US Government Shutdown Continues to Drive Gold

In addition, there is an increasing probability of a US government shutdown in early October, as Democrats and Republicans struggle to reach a cross-party agreement on the release of federal funds needed to maintain public services in the world’s largest economy. Such a scenario would bring additional uncertainty and prompt investors to increase their exposure to safe-haven assets – which would create room for further price gains in gold.

Ricardo Evangelista – Senior Analyst, ActivTrades

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