Gold prices near all-time highs as US shutdown continues

Gold (GC=F) prices looked set to finish the week near all-time highs as investors continued to pile into safe-haven assets amid uncertainty about how long the US government will be locked down for.

Gold futures (GC=F) looked set to end the week nearly 3% higher, rising 0.5% on Friday to $3,888 per troy ounce. Gold spot prices also gained 0.5% in the session, to trade at $3,864.

The uptick puts the yellow metal on course for a seventh weekly gain.

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Haven assets have become more attractive amid the US government shutdown, in part because it means the Friday payroll report has been delayed, meaning Wall Street has less visibility on the health of the US economy.

Goldman Sachs said earlier this week that upside risks to a forecast analysts made for gold to hit $4,000 by mid-2026 have grown. Both speculative positioning and an increase in gold exchange-traded funds (ETF) demand have increased the chances of more price rises.

Oil prices looked set to regain some of the week’s losses on Friday, ticking higher as traders look to Opec+’s next raft of decisions on output.

Brent crude (BZ=F) futures rose almost 1% to $64.72 per barrel, but was still on track for a weekly loss of 7.7%. Meanwhile West Texas Intermediate (CL=F) futures gained 1.2% to trade at the $61.20 per barrel mark. WTI has lost about 6.7% over the past five sessions.

The Wall Street Journal reported on Wednesday that the US plans to supply Ukraine with intelligence to aid long-range missile strikes against Russian energy infrastructure.

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US president Donald Trump has approved this action, and US officials are encouraging Nato allies to follow suit.

Meanwhile, Opec+ might increase oil production by as much as 500,000 barrels per day in November. This potential increase, triple the October adjustment, suggests Saudi Arabia’s intent to regain market share. Opec+ denied those plans on social media.

If it takes place, the supply increase is likely to coincide with decline in demand patterns in the US and Asia.

The energy market remains volatile, with natural gas and oil forecasts closely tied to global uncertainty and shifting supply dynamics.

The pound ticked up slightly against the dollar (GBPUSD=X) on Friday, trading above the $1.345 mark as traders continue to parse the severity of the government shutdown currently in progress.

The shutdown is currently in its third day with no signs of a compromise. President Donald Trump suggested Republicans should seize the opportunity to “clear out dead wood”.

Hundreds of thousands of federal workers are staying home on unpaid leave, while others worked without pay. Some federal attractions closed to visitors while others, including the Statue of Liberty, stayed open.

Read more: Consumer confidence in economy falls to lowest point this year

“During previous government shutdowns, the dollar index typically fell on expectations of slowing GDP and mass layoffs. In 2025, the situation will worsen because the labour market is already cooling down,” Alex Kuptsikevich, FxPro chief market analyst.

“Due to the shutdown, the publication of important data will be postponed. Therefore, the importance of the ADP report increases. Over the last two months, there has been a decline in private sector employment. This increased the chances of a federal funds rate cut in October to 99% and in December to 87%. Treasury bond yields and the US dollar fell,” Kuptsikevich added.

The dollar index (DX-Y.NYB) pulled 0.1% lower.

The pound fell slightly against the euro (GBPEUR=X), meanwhile, hitting the 1.145 mark.

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