Gold Hits Record High as US Government Shutdown

Gold prices surged to a record high on Wednesday, driven by investor demand for safe-haven assets after the official start of the US government shutdown and as soft labor data bolstered expectations of Federal Reserve rate cuts.

Spot gold was up at $3,873.46 per ounce. Bullion logged about 12% rise in September, making it the metal's sharpest monthly rise since August 2011.

US gold futures for December delivery gained 0.4% to $3,888.80.

Elsewhere, spot silver was steady at $46.64 per ounce, platinum held its ground at $1,573.76 and palladium fell 0.4 % to $1,252.25.