Gold prices are hovering near the US$3,970 ($5,998) per ounce mark today (7 October), coming even closer to the US$4,000 beachhead as a confluence of factors around economic uncertainty and expectations of further US rate cuts fuel a flight-to-safety.
According to Trading Economics, gold sat at US$3,969.5 per ounce as of 2pm AEDT today. Over the past month, gold’s price has gained 9.05% and is up 51.21% compared to the same time last year.
The US Government shutdown, now into a seventh day, has put lawmakers under more pressure with US President Donald Trump threatening mass federal worker layoffs due to the standoff, according to Trading Economics.
Investors are reassessing the health of the US economy with a potential delay in key market reports, notably the heavily watched non-farm payroll numbers, which heavily influence the deliberations of the US Federal Reserve rate setting process.
As Mining.com.au reported, gold is no longer tucked away in the financial pages – its back on the front page with investors, industry executives and everyday savers alike watching the precious metal’s moves with renewed interest.
The gold price surged to record highs across the entire September quarter, starting Q3 2025 at US$3,338 ($5,037.68) per ounce and rising to US$3,840 per ounce by September 30.
Write to Aaliyah Rogan at Mining.com.au
Images: PMT Refinery
