FX.co ★ Gold Near Record Highs, Set for Seventh Weekly Gain

Gold prices rose to $3,875 per ounce on Friday, hovering near Thursday’s record high of $3,897. This marks the seventh consecutive week of gains, driven by a surge in demand for safe-haven assets amid the ongoing U.S. government shutdown and increasing expectations of a dovish stance from the Federal Reserve. The shutdown is anticipated to further delay the release of the September nonfarm payrolls report, prompting investors to rely on alternative indicators that suggest an economic slowdown. The ADP report indicated an unexpected decline in private-sector employment, while the latest ISM Services PMI pointed to stagnation. Consequently, market analysts now forecast two consecutive 25 basis point rate cuts by the Fed at its remaining meetings this year. Gold has already increased by 48% so far this year, setting it on track for its most substantial annual performance since 1979.